Euro
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Cooling US inflation raises hopes of dollar rate cuts, in turn pushing forward deals that were slated for later in the year
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Absolute yield, RV and performance potential keeping investors interested
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Leads struggle to spot pricing benefit after Moody's gives hybrid a rating boost
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Large group of banks and central banks will test central bank digital currencies for bond settlement
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Issuer ‘reaping the fruits’ of investor work with large book and tightening
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Covivio, Timken and Merck & Co keep corporate issuance going
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◆ Bankers off deal say bonds landed close to fair value ◆ High beta names offering spread ‘attracting massive demand’ ◆ Order book peaks above €2bn
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◆ Improved sentiment after US inflation report could spur more issuance next week ◆ SMN completes tight print versus peers ◆ ICBC offers green bond in multiple currencies
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‘Definitely more’ corporates seeking ultra-long maturities
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Polluting borrowers should expect higher costs or less access to funding, argues CEPR
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◆ NordLB prints rare tier two as Italian insurer readies one too ◆ BPER Banca goes longer in callable green SP ◆ BIL makes unusual splash outside of private markets with a three year FRN
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Bank borrowers are eager to make the most of strong bid for covered bonds
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Sub-sovereign issuers found support in an undersupplied market
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Leads saw no new issue premium paid by the issuer after 3bp of tightening
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◆ Transaction ‘looks like a slow deal’ given tightening and size, say rival bankers ◆ Marketing process ‘was too rushed’ for rare euro issuer ◆ Huge corporate issuance ‘may have overshadowed’ sole FIG deal
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Deals of all stripes find a home with 17 euro tranches launched
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Both issuers print with no new issue concessions, but Sparebanken Vest benefited from scarcity appeal and belly of the curve bid
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◆ Italian bank prints at 7% amid 'Fomo' for AT1 refi ◆ Tier two capital well absorbed with rare Munich Re offering €1.5bn ◆ AIB benefits from green label
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Books bulge as market starts blockbuster week
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◆ Senior success as syndications flood euro market ◆ HSBC holdco lands through fair value ◆ ANZ ‘cements status’ with ‘strong’ euro FRN
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A UK hedge fund put in the largest order
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Core currency primary supply accelerates across the board
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Three year floating rate covered deals pricing flat to fixed rates
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Week promises fireworks as more US names and another airline join the melee
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Borrowers market euro benchmarks on Friday ahead of bustling week for issuance
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Santander shows big AT1 deals work best alongside tender offers
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Going longer doesn’t seem as steep when everything is elevated
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Rampant bid but issuers likely to wait for spreads to tighten
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Small deal sizes but ambitious maturities tipped as route to success
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◆ 'A nice print' say rival bankers ◆ US bank raised €2.25bn and 'could have taken more' ◆ Green FRN label questioned as 'nobody cares'
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Another €34bn needed to reach recent average for month, and next week is only one without holidays or central banks
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Another German agency achieved a greenium to follow on from KfW deal
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As spreads grind tighter on the latest negative event, it is time to bet that they have further to go
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Market relishing a week without holidays as banks come out of blackout
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Inaugural issues to underline just how strong and receptive the market is
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Issuers stick to the Länder rule book to maximise pricing
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French media and travel conglomerate preps financing, as more event driven opportunities rev up the loan market
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With most companies reported, corporate spreads continue to defy gravity
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Deal will be secured against a pool of Singaporean residential mortgages
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Mercedes, Michelin and Aéroports de Paris draw in billions of demand
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◆ Lloyds draws peak book of €5.1bn ◆ BayernLB launches green deal and pays 5-10bp premium ◆ SR-Bank senior preferred
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The €500m no-grow deal was almost 15 times covered
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Coca-Cola, WP Carey and Kellanova land rapturous responses in a mostly shut week
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Tapping euros allows Spabol to pick up duration unavailable in its home market
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◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls
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Smaller spread moves during bookbuilding hint at more aggressive opening stances from borrowers
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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