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◆ Bank's second labeled tier two in currency this year ◆ Limited attrition ◆ Volatile energy backdrop amid Strait of Hormuz tensions
◆ Leads picked three Achmea bonds as comps ◆ Dutch bank’s was one of two covereds on Monday ◆ Achmea’s was fourth Dutch covered this month
Two deals could demonstrate premium between STS and non-STS non-conforming RMBS deals
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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Jean Pierre Mustier, chief executive of UniCredit, said on Thursday that European banks were being put at a disadvantage by minimum requirements for own funds and eligible liabilities (MREL), as it overburdens subsidiaries of cross-border banking groups. -
Japanese Sumitomo Mitsui Financial Group (SMFG), the holding company for SMBC, returned to Australian dollars on Wednesday after two years away from the currency.
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Nexi, the Italian payments company, is marketing a dual-tranche refinancing bond, its first issue since it floated on the Milan Stock Exchange in April. With Advent, Bain Capital and Clessidra now mid-way through realising their investments, the company is changing its approach to the debt markets, switching to unsecured bonds and giving up callability.
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Raiffeisenlandesbank Niederösterreich-Wien (RLB Noe Wien) found the euro primary market to be quiet but bullish this week, allowing it to launch a new senior unsecured bond at what lead managers saw as a fair pricing level.
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Moody’s said on Wednesday that investors’ approval of Lloyds Bank’s request to convert the interest basis on a covered bond from Libor to Sonia was credit positive for the issuer and bodes well for the rest of covered bond and structured finance markets, which must transition to Sonia before 2022.
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Bank capital securities have enjoyed a tremendous performance in 2019, leaving specialist fund managers a little nervous about protecting their returns as the year draws to a close.
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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