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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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Aegon Bank and Banco BPM each hit the euro market on Friday and launched €500m of debt in senior formats, following a week of prosperous conditions and successful deals. -
A long-standing capital markets practitioner is leaving BNP Paribas.
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As the crisis at Baoshang Bank and Bank of Jinzhou continues to brew, Hong Kong-listed Guangzhou Rural Commercial Bank priced a $1.43bn Basel III-compliant additional tier one (AT1) note at a level that was well inside where similarly rated small Chinese lenders were trading in the secondary market.
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Mexico’s largest locally owned bank, Banco Mercantil del Norte (Banorte), has begun meeting fixed income investors as it looks to test investor appetite for the country's credit with a new subordinated bond.
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Green bond specialists are divided over whether proceeds of labelled green bonds can be used for operating expenditure, or whether they should mainly or entirely be used for capital expenditure.
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Acin says that data its platform collects to help banks identify where they are failing to mitigate operational risks could also give them leverage when talking to regulators about capital requirements.
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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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