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◆ UK building society actively funding across markets and formats in the past four months ◆ Strategic sterling capital deal proactively manages AT1 stack ahead of call ◆ Senior non-preferred euro bond becomes joint tightest UK bank bond at the tenor since 2021
◆ Stability leads to third day of FIG sterling issuance ◆ Rabo prints its first tier two four years ◆ BBVA completes first sterling senior bond since 2020
◆ Follows similar deal from regional peer Swedbank ◆ But earlier bond was already trading wide of reoffer ◆ Pricing prioritised, says banker off deal
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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New issue premiums have stabilised at reasonable levels, oversubscription ratios have steadied and secondary flows are more mixed. While a small widening cannot be ruled out, the more constrained supply outlook will keep spreads in check. -
The European Union is just centimetres away from signing off on a long-awaited revamp of its prudential capital rules for banks, after EU ambassadors gave the green light on Friday to texts agreed by the Council and Parliament at the end of 2018.
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Société Générale is enjoying a record year in the Japanese debt markets, after selling its debut deal in Euroyen format late on Friday. The transaction received strong demand from investors, even though it was marketed at the same time as another total loss-absorbing (TLAC) eligible transaction from ING Groep.
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Lloyds Banking Group has appointed William Chalmers, a Morgan Stanley FIG banker, as its next chief financial officer.
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China Cinda Asset Management Co raised $1bn from a foray into the bond market, going for the lower-end of its size target despite what bankers on the deal called an ‘overwhelming’ response from investors.
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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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