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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
Four banks brought dual tranche covered bonds in two days this week, to avoid being squeezed in congested market
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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Leads on Sumitomo Mitsui Banking Corporation’s two part dollar and euro covered bond were criticised for not being transparent with the order book update, which was expressed without giving the currency of the demand, but in the final analysis, the sale of the high yielding euro portion went better than expected. -
Wholesale revenue increased in Nomura for Europe, the Middle East and Africa in the most recent quarter, the bank said on Tuesday, helped by a sturdy rates business.
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UniCredit’s search for a more efficient corporate structure shows how an incomplete Banking Union is beginning to weigh on pan-European financial institutions.
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Skandinaviska Enskilda Banken (SEB) refrained from pushing into record territory with the coupon on its new dollar-denominated AT1 on Tuesday, as European banks begin testing new lows for yields in the asset class.
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Banco de Sabadell completed its annual funding plan on Tuesday with a €500m preferred senior bond, adding a call option to the transaction in a clear sign that it is likely to be used as part of the minimum requirement for own funds and eligible liabilities (MREL).
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Credit Bank of Moscow is seeking to sell 2.75bn new shares through a fully marketed share sale, to fund a debt buyback to improve the composition of its regulatory capital.
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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