Europe
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National Australia Bank went to investors on Monday with a dual-tranche deal, looking to make use of favourable conditions in the euro market. It was the first Australian name to issue euro-denominated notes since Westpac in November 2018. -
Ireland is focused on broadening its approach to bond issuance, and will look to sell its first benchmark inflation-linked trade "in the coming years', following its successful second privately-placed linker in March.
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Emerging market loan volumes continue to suffer with year-to-date volumes down 60% from the same period in 2018. Global economic slowdown and the fear of trade wars, combined with the increasing appeal of the bond market, are dampening the prospects of recovery in the syndicated loan market in 2019.
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KfW aims to boost its issuance of green bonds after updating its programme to include funding for energy efficiency projects, in addition to the renewable energy sector in Germany.
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Ken Brown, until last year head of global finance for EMEA at Nomura, has joined Barclays as chairman of its equity capital markets business in Europe and the Middle East.
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There has been no covered message sent on the IPO of Finablr, the financial holding company which owns Travelex, though the deal is set to close today, Monday May 13. The banks are still working hard to close the book on schedule.
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A hail of high yield and leveraged loan deals hit the European market this week, making it seem like investors and bankers were unaware of the angst permeating equity markets since President Donald Trump decided to up the ante in his trade poker game with China. Not every deal was a blowout, however — United Group priced its PIK note wide of guidance and Virgin Media failed to tighten.
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Bank of Queensland has mandated leads for a roadshow for a potential second euro conditional pass through (CPT) covered bond, and Bank of New Zealand has mandated leads for a roadshow with plans to issue a covered bond or a senior unsecured deal.
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HSBC reopened the financial institutions bond market on Friday with the sale of a senior preferred note that pulled in demand of €1.5bn two hours after the trade started.
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Belgian brewer Anheuser Busch InBev has taken the first step toward floating its Asia Pacific operations on the Hong Kong Stock Exchange.
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The strength of corporate bond demand, after falls in stockmarkets engendered by the US's hardened stance on trade talks with China, was tested in the US on Wednesday by a $20bn issue for IBM. In Europe, the test came on Thursday, as five companies finished roadshows and issued. So far the signs are very encouraging - good news for the clutch of companies still on the road.
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