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◆ Deutsche goes big as with AT1 ◆ Third AT1 in a row underlines a conducive market for strategic capital funding ◆ Pays premium, but spread pushed under 400bp
◆ Issuer's joint-tightest spread since 2020 ◆ Constructive backdrop helped execution, says lead ◆ Busy primary market expected on Tuesday
◆ Deal benefits from limited size, green label and short tenor, says lead ◆ Small NIP paid ◆ BPER involved in complex Italian M&A
Data
Higher new issue premiums make deals shine amid market volatility
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
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Investors have resisted the temptation to pile into new subordinated bonds from lesser known banks in recent weeks, fuelling expectations that funds will remain prudent in the market, even as it becomes harder for them to find high yielding assets. -
UBS has reorganised its debt capital markets business, following the decision of global head Amir Hoveyda to step down from his role. It will merge leveraged finance and DCM, with David Slade heading the combined group in EMEA.
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BBVA has hired a former MTN banker at Santander as a director in its liability management team.
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Sustainable finance is bubbling with exciting new initiatives. But making people feel good is not enough. Activity needs to produce results, and so far there is more noise than movement. The tone is far too sedate — it needs some hard core activism to break the torpor.
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Covered bond spreads are expected to widen if the European Central Bank increases its deposit rate from minus 0.4% to 0% across its whole portfolio. But some market participants think the ECB will adopt a tiered approach to the €2tr of excess liquidity held on deposit, which should not greatly affect covered bond spreads.
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Goldman Sachs said that its equity underwriting pipeline swelled during the first quarter, with IPO interest rising among technology companies.
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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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