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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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Austrian bank Raiffeisenlandesbank Oberoesterreich has visited the MTN market to print a rare constant maturity swap (CMS) linked note - its first since 2018, according to Dealogic. -
Deutsche Bank exploited strong investor demand for high-grade paper when it came to the market on Thursday with its inaugural senior dollar trade in a callable format.
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Deutsche Bank has moved down a bucket in the Financial Stability Board’s latest assessment of global systemically important banks (G-SIBs), with the German firm expecting further ‘efficiencies’ to stem from its broad-ranging restructuring plan.
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Chinese distressed debt manager Zhongyuan Asset Management Co made its first foray into the offshore market on Thursday, raising $400m from a three year bond.
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Pfandbriefzentrale issued its largest ever bond this week, a Sfr1.386bn ($1.398bn) triple-tranche deal that included a Sfr980m 12 year tranche that was itself the largest single issue in the Swiss franc bond market this year.
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While the banking sector has pushed for capital requirements to be tweaked to favour green lending, European Central Bank vice president Luis de Guindos said on Thursday that equity funding might prove more appropriate than this for funding new climate technologies. On the same day, the head of supervision at the ECB said capital relief for green assets must be based on evidence.
Polls and awards
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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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