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◆ Largest coverage ratio for almost three months ◆ Priced flat to fair value ◆ Slow pipeline predicted for rest of week
Swiss bank is growing its client base on a global scale but without trying to be 'everything to everyone'
Crédit Agricole CIB's head of covered bond and SSA research expects premiums to stay at current levels
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Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Tweaks to trading book rules will be next stage of competition
Come May, current dollar market's gain may turn into euro pipeline's pain
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Investors piled in orders more than four times trade’s size -
◆ Macquarie tightened by 6bp to 27bp over ◆ Banker said this represented ‘small new issue premium’◆ Bankers said investor demand for covereds is cooling
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◆ Swiss issuer placed both tranches at €750m ◆ Spreads on both tranches tightened by 5bp ◆ ‘This was a slower trade,’ says banker
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Recruitments in sales and origination are separate but intended to build debt franchise
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◆ ◆ 30bp was ‘right starting point’◆ Issuer lands at 'fair value'
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