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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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European banks have been given a boost in equity and debt markets this week, after Peter Praet, a member of the European Central Bank’s executive board, suggested that the terms of a new series of targeted longer term refinancing operations (TLTRO III) could be made more favourable for banks, if needed, to help them lend to the economy. -
Indian bonds issuers are racing to the offshore market for cash to beat the country’s financial year-end and the uncertainty of a general election straight afterwards. Morgan Davis and Addison Gong report.
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David Sismey has decided to quit his senior financial institutions role at Goldman Sachs in order to pursue a career in British politics.
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Oma Savings Bank proved popular on its return to the euro covered bond market on Wednesday, allowing it to hit the upper end of its size ambitions and only pay a slim premium to investors.
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Caixa Económica Montepio Geral opened books for its first public tier two capital issue on Wednesday, announcing eye-catching price thoughts of 10.5% area.
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Recent supply of additional tier one capital bonds has confirmed to investors that reset spreads are not the only game in town for banks, when it comes to deciding whether to leave an instrument outstanding beyond a call date.
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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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