Europe
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The Bank of England’s Prudential Regulation Authority (PRA) is consulting on levelling the capital playing field between the large banks, which use their own models to calculate risk, and the emerging challengers, which must use standard risk weights.
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US President Donald Trump’s first speech to Congress, a remarkable switch in Federal Reserve rate expectations and swap spreads falling from their early week highs all failed to derail a stellar week for public sector dollar issuance. More trades are expected to come next week, before the market quiets ahead of the Fed’s next rate decision and a Dutch general election where the far-right Party for Freedom (PVV) is expected to perform well. -
Slovenia took another step towards refinancing its outstanding dollar debt this week with the conclusion of a $600m tender offer and the sale of a pair of euro-denominated taps.
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DG Hyp enjoyed solid demand for a long nine year Pfandbrief deal this week as, despite the measly new issue concession, it offered an unusually high pick-up against Bunds.
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