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Late Labor Day this year and mid-September FOMC will constrain September issuance window
◆ Greek bank's first issuance of the year ◆ Tenor and IPTs attracted domestic and international demand ◆ Deal praised for its strong execution
The Reserve Bank of India's subsidised window for raising foreign currency borrowing has accelerated the country's banks' dollar issuance blitz
Data
Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
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Large European banks are tipped to bring their deal plans forward after they saw Barclays make the most of summer funding this week. The UK issuer proved firms will not have to wait until September to be confident of attracting big books at tight spreads. -
There are worrying signs in the way Banca Monte dei Paschi di Siena’s tier twos have traded after UniCredit signalled its interest in the bank.
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Depfa ACS has bought back its remaining Irish covered bonds. Ireland has now lost a total of three covered bond issuing banks leaving two behind — and they haven’t come to the public market for years.
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Moody’s has upgraded Deutsche Bank’s ratings and kept the firm on a positive outlook, after predicting it will be able to ‘substantially and sustainably improve its returns’ as a result of its restructuring plan.
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Deal arrangers think the dollar market will still be the "place to go" for European banks considering short-dated funding after summer, amid uncertainty over the outlook for US rates.
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The volume of retained covered bond issuance used for European Central Bank repo purposes exceeds distributed by many times in several countries. While this repo has provided a welcome boost to bank profits, it has come at the expense of long-term banking sector stability.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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