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Conducive credit markets and tight spreads to lure issuers as risks loom on the horizon
Yankee deals range from subordinated debt debuts to super long senior extensions
◆ Steady demand thanks to improved investor perception ◆ Deal pays high single digit premium... ◆ ... but becomes issuer's tightest unsecured issue for many years
Data
Contrasting investor receptions in euro and sterling markets but new issue premiums rise in both
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
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Banco Santander was the only financial issuer in the sterling market on Tuesday, tapping the currency for a non-preferred senior bond. Sterling has made a 'rocket start to 2020', according to FIG market participants. -
The euro market had no trouble digesting a pair of similar trades from Landesbank Baden-Württemberg (LBBW) and Svenska Handelsbanken this week, with both banks printing non-preferred senior bonds at 58bp and paying a small new issue premium to investors.
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Artemis Investment Management has appointed Matthew Beesley as its new chief investment officer. He will join in April, replacing Peter Saacke, who will concentrate on managing some of Artemis’s funds.
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First Abu Dhabi Bank (FAB) issued its first post-merger Kangaroo bond on Tuesday, raising A$350m ($234.9m) — becoming the first Middle Eastern bank to tap the market in two years.
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Deutsche Bank has unveiled plans to sell its first additional tier one (AT1) in more than five years, with market participants now expecting the German lender to call a bond that had once seemed certain to be left outstanding.
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China International Capital Corp (CICC) raised $1bn from a three year floating rate bond on Monday, appealing to investors because of its strong credentials and name recognition, said bankers on the deal.
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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