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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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The Bank of Bahrain and Kuwait has set pricing for its five year bond. -
Burgan Bank is in the market with an additional tier one benchmark, eyeing $500m. The order book has swollen to over $2bn.
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Commerzbank was more than 10 times subscribed for its first ever additional tier one on Tuesday, despite widespread disagreement in the market about what would constitute fair value for the new securities.
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Standby letters of credit in Asia have come into the spotlight after China Construction Bank paid off bondholders on behalf of China Minsheng Investment Group (CMIG), marking the first time this structure has been tested.
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The UK’s Green Finance Institute was launched on Tuesday, with the dual aims of finding solutions to sustainable financing problems and making London the leading global centre for green finance.
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Santander has closed York 2019-1, a synthetic securitization of loans granted to SMEs and self-employed borrowers, selling not only the junior risk but a BB-rated mezz tranche — an increasingly common approach driven by regulatory changes which kicked in this year.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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