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Banker is moving to Greece as focus grows in connecting its capital markets and banking sector to international investors
◆ Deal follows same structure as SEB's Monday trade ◆ Market conditions made for 'easy' go/no-go decision ◆ Low new issue premium
◆ Swedish lender prices in line with Nordic banks' trading levels ◆ One of the tightest five year prints since early 2022 ◆ Funding completed ahead of expected supply from higher spread issuers
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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Over Sfr1.45bn printed in two days as Roche, Geberit, CCDJ and Equinix all hit the market -
◆ Dual-tranche offering is second euro visit this year ◆ No-grow and green format on short tenor helps tightening ◆ Evidence of duration demand
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◆ Senior FIG market reopens after summer break ◆ Minimal premiums paid ◆ ‘Competing trades working well’ say bankers
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◆ Big demand despite arriving a day after ING deal ◆ Minimal NIP for size ◆ BNP's first tier two in 2.5 years
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◆ Deal Berlin Hyp’s second benchmark of the year ◆ Some investors had their fill of Berlin Hyp ◆ Buyers look towards higher spread senior market instead
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◆ ‘Stellar’ outcome say rival bankers ◆ New issue premium ‘makes sense’ given the issuer and beta ◆ Accounts are ‘not afraid’ to engage in August primary market
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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