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◆ Friday Italian capital raising completed ahead of potential big issuance next week ◆ Strong market tone drives rise in AT1 bids ◆ Bank marches inside 300bp reset but also through recent Commerzbank spread
◆ Unusually busy Friday for European bank funding ◆ Small premium, large demand ◆ Meanwhile 10 year OAT-Bund spread breaches 100bp
◆ Larger-than-usual size ◆ Constructive Friday opening led to three well-received FIG trades ◆ ...of which Alpha may have paid the least NIP
Data
Conducive credit markets and tight spreads to lure issuers as risks loom on the horizon
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
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Haitong International Securities Group sold $700m of seven year notes on Tuesday, tightening pricing by 30bp during bookbuild. -
Seven out of eight big companies with heavy carbon emissions are still behaving in a way that will lead to disastrous climate change, according to a report on Wednesday. The finding is not surprising, but underlines the reality that the growth of responsible investing has done far too little to make the economy sustainable.
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National Bank of Greece said on Tuesday that it had picked banks to arrange a tier two bond transaction as part of its plans to raise €800m in the format. The bank could become only the second Greek issuer of subordinated debt since the financial crisis, following a new tier two from Piraeus last month.
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Rothesay Life reminded market participants of the rarely seen tier three bond format on Tuesday, raising £300m of solvency capital on the back of more than twice as much demand.
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Christopher White, global head of banks at Lloyds Banking Group, and Robert Ellison, his predecessor in that role, have founded Finance Unlocked, an online training company.
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Activity in the green covered bond market is improving with Berlin Hyp (BHH) mandating leads for a green mortgage covered bond this week, just a few days after Société Générale issued its first green covered bond.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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