Euro
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Supply, not demand, will dictate future floating rate issuance
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Optimism rebounds after recent new issues were priced through fair value once more — but some parts of the curve could be more open than others
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◆ Both transactions land below fair value ◆ Appetite for tier two shows ‘market in good shape’
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Real estate rehab continues as deals squeeze into narrow windows
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BoQ has two conditional-pass-through euro notes outstanding
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‘Green German Day’ saw agency and sovereign both enjoy clear green pricing advantage
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Public holidays and high profile events mean borrowers will be crammed into a few issuance days
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◆ Short-end yield and pick-up attractive ◆ Duration bid from insurers persists ◆ Investors eye senior non-preferred over tier two amid supply divergence
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◆ French bank pulled its €500m capital funding in early January amid crowded market ◆ New deal offers some call premium compared to the earlier bullet note ◆ Clears with up to 5bp-10bp new issue premium
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Borrowers at either end of ratings spectrum find success with green paper
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Upcoming supply expected to skew shorter despite long end demand
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T-Mobile and General Motors slash their spreads as Reverse Yankee demand stays high
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New issue premiums increased in the second half of April amid shifting rates expectations
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A financing boom might succeed where stress has failed in easing corporate spreads
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Sovereign to focus on preserving and injecting secondary liquidity next
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◆ Issuance may be concentrated on Tuesday after a single deal on Monday ◆ Prospects for euro paper brighter than dollars ◆ AT1s in any currency likely to do well in this market
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◆ Callable FRN structure is ’positive evolution’ ◆ Longer fixed tranche draws €5.6bn orders ◆ Duration for high quality names still sought
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Evidence grows that companies can sell bonds successfully any day of the week
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A smattering of deals could still arrive this week as issuers navigate public holidays
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German issuer set to brave the market during a data and holiday filled period
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Traditionally issuance-free days of the week now open to deals
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◆ Lender takes advantage of demand for higher yielding FIG names ◆ Completes annual funding and MREL requirements ahead of time ◆ Other lower tier European issuers execute similar deals
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Mining, industrials and chemicals flagged as sectors ripe for debt-funded consolidation
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European financial institutions — already facing a narrow issuance window over the next couple of weeks — must also navigate renewed rates volatility
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The bloc's bonds outperformed swaps and France but views still mixed as to the issuer’s true status
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Scarcity value help propel the book to almost €2bn
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◆ Order book halves after ‘aggressive’ tightening ◆ Bankers away say deal came through fair value ◆ FRN bid 'strong'
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The UK building society attracted a combined €4bn of orders
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Investors snap up low rated IG companies, but demand double digit concessions
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◆ Achmea proves appetite for higher beta tier two ◆ HCB senior preferred 3.6 times covered ◆ 'Senior issuance is still working'
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Cypriot lender's debut green bond emulates similar deals
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Fruitful day for issuers as investors lust for low beta
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Further Nordic supply expected from Sweden’s LF Hypotek
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French agency capitalises on rare capital market visit
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Sovereign issuer passed ‘real test for investors appetite’ after returning to IG ratings status
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◆ Investors look to pick up spread through subordination rather than stay safe in senior ◆ Credit Mutuel's insurance arm brings deal ◆ But price on Crelan's 10 times covered tier two causes consternation