Europe
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Guarantor: All Danish municipalities and regions
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Russia's State Transport Leasing Company (STLC) achieved substantial price tightening on its return to the US dollar bond market on Wednesday.
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The Moscow Exchange (Moex) and Shanghai Stock Exchange (SSE) have agreed to an expanded “strategic cooperation” agreement, and intend to develop debt and equity products for investors. -
With borrowers universally ahead of schedule in their funding programmes but investors hungry for more supply, attention is turning to the market for socially responsible investments. Three agencies hit screens to sell SRI bonds this week, while a fourth is on the road marketing another.
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Investors have called on the UK Debt Management Office to extend its conventional curve with a syndication in September — although the view is far from unanimous.
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Sparebanken Sør Boligkreditt and Société Générale enjoyed solid receptions for their covered bonds this week, with the Norwegian issuer pricing flat to its curve.
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Investors are now largely on board with the effective subordination of senior unsecured bonds, with accounts all too happy to fuel the rapid growth of the non-preferred senior debt market in 2017. But discord in the way the new forms of bail-inable debt are treated by index providers casts a bright light on a market that is still in flux, writes Tyler Davies.
