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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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Crédit Agricole attracted strong demand for its larger than usual public sector backed covered bond on Thursday, with the strong take-up in stark contrast to its previous issue. -
Vakifbank is taking orders for a five year dollar bond — its first benchmark deal in more than a year.
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Bank of Georgia is in the market with its first ever additional tier one bond on Thursday, offering a generous yield but keeping the size down.
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Royal Bank of Scotland brought a new holding company level transaction in front of sterling investors on Thursday, as market participants remain confused about the outcome of Brexit a week ahead of the UK’s scheduled date of departure from the EU.
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An outburst of activity in the financial institutions bond market was punctuated by a pause for reflection in the middle of the week, but Nykredit Realkredit was leading a return to supply on Thursday as DCM officials rejoiced at signs of more support for credit markets from the US Federal Reserve.
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Qatar National Bank hit the market on Thursday, nipping into the market just behind Qatar Islamic Bank’s $750m five year sukuk. Its Middle Eastern neighbour, Sharjah, is going on the road to promote its own sukuk.
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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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