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◆ Tightest callable Italian tier two since 2020 ◆ UniCredit year-on-year spreads continue to tighten ◆ 80% of allocations made to 'solid real money' accounts
◆ No attrition on insurance arm's €500m no-grow 2036 deal ◆ Ample demand from buy-and-hold accounts ◆ 'So much cash available' despite US-Iran peace deal failure
◆ Largest Czech bank tightened spread by 8bp ◆ Subsidiary of Erste Group announced mandate on Monday ◆ 'Arithmetically, there is no FV', a banker said
Data
Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
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Booming markets revenues in the second quarter helped UBS post another strong set of results at its investment bank. But higher loan loss charges ate into group-level profits as the coronavirus crisis led to deterioration in the global economic outlook. -
China Huarong Financial Leasing Co opted for a short tenor deal for its latest $300m bond outing in a bid to save on funding costs.
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Shanghai Pudong Development Bank Co has added to the growing presence of Chinese financial credits in the international debt market with a $500m deal.
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NordLB has promoted two bankers to its FIG coverage and SSA teams, and plans to make further external hires soon.
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Germany’s Federal Ministry for Economic Affairs has improved a scheme guaranteeing export credit agency (ECA) loans, which could help boost the moribund public sector Pfandbrief market.
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DCM officials are busy preparing their summer deal pipelines, with banks expected to take advantage of a strong technical bid in the market following their second quarter earnings.
Polls and awards
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
Don't miss your chance to choose this year's Bond Award winners
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
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