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Bank issuance ranges from strategic tier one capital to insurance subsidiary funding externalisation and big senior bond offerings
◆ €500m trade twice covered ◆ Investors showing less preference for tier twos, rival banker says ◆ Low-to-mid single digit concession
◆ Receptive but crowded FIG market requires concessions for funding to clear ◆ BBVA goes big with its first SP in more than two years ◆ Bawag issues first bond after PTSB acquisition
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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The French bank is continuing to execute its plan to become Europe’s leading corporate finance house, despite headwinds and looming consolidation, writes David Rothnie. -
De Nederlandsche Bank has become the first central bank to sign the Principles for Responsible Investment, as the next stage in its development of a fuller approach to sustainability, including in its investments.
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Swedbank has removed its CEO and president, Birgitte Bonnesen, as revelations about potential money laundering at the Swedish bank exploded in recent days.
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Dutch insurer Aegon surfaced in the euro market on Thursday to sell a restricted tier one deal that investors had been expecting for the best part of the past two years.
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Banque Fédérative du Crédit Mutuel (BFCM) and Group BPCE profited from favourable issuance conditions to bring new senior trades to the euro market this week, though bankers say that borrowers have had to start paying premiums to investors again.
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Issuance of Italian bank debt in 2019 has nearly caught up with last year’s running total. Banca Popolare di Sondrio this week followed Mediobanca and UniCredit into the market to cap off a big week of supply by the nation’s lenders. The run could yet extend further, with UBI Banca gearing up for a debut green bond.
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