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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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Nomura strengthens special situations team — JP Morgan’s Orssten retires — Gamekeeper goes back to being poacher at Rand
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The courts are starting to show that they have a key role to play in determining how EU bank resolutions play out. -
UK financial institutions piled into the credit markets this week, despite the fact that the UK could be a week away from leaving the EU and its politicians have still not agreed on a course for withdrawal. They may have been just in time, with panic building around the risk of a ‘no-deal’ Brexit.
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Qatar National Bank hit the market on Thursday while Sharjah is going on the road to promote a sukuk.
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Turkey’s capital markets rehabilitation has been one of the most remarkable emerging markets stories of the past six months, but investors’ appetite for the nation’s paper is finally starting to wear thin.
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Barclays is under pressure from activist investor Edward Bramson to slim down its investment bank. But among top European IBs, it made the second highest amount of revenue in Europe, the Middle East and Africa in 2018, according to new research. The results were less promising for Deutsche Bank, however.
Polls and awards
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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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