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◆ Capital trade attracts investors for juicy return in tight market ◆ Slightly longer 11NC6 structure chosen for triple digit spread and 4%-plus yield ◆ Deal cleared at low single digit concession
Siena deal is backed by a $1.5bn portfolio
French bank opts for AT1 while Lloyds progresses senior funding plan
Data
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
Some evidence of green price advantage in secondary market, but not primary
Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
Money centre banks pay to to land jumbo deals at sizes unheard of in euros
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◆ Deal attracted strong official institution interest ◆ Borrower faced some limits at 40bp ◆ Low single digit concession paid -
Smaller and less frequent issuers aiming for open window to raise unsecured funding as investors hunt higher yield
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◆ At least five more deals expected this week ◆ Sub-benchmark names to take their time ◆ Further supply mooted
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◆ 'Stable' book grows after spread set ◆ Lack of recent Spanish supply helps pricing ◆ Illiquid secondaries create wide range of fair values
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How investment banks profit when clients can’t shop around, and why their clients should be grateful
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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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