Issues
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Tweaks to trading book rules will be next stage of competition -
Earnings blackouts and higher funding costs to supress April supply
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Falling leveraged loan prices promise tantalising returns, but the risk of defaults is rising
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As the Middle East war shakes bond markets, non-sovereign public sector issuers are proving their safe haven status
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European and other regulators are working on reforms to make covered bond funding more efficient
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After nearly barren week, issuance could return after Easter but all depends on headlines
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Economic damage from the Middle East war will last for months, if not longer
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Bank M&A is back on the agenda, but talk of SMBC buying Jefferies is premature. The two firms are prioritising their multi-stranded alliance and a takeover now would jeopardise it
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Central banks in the region have stepped in with support and lenders are thought unlikely to let sub debt extend
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◆ German state executes intraday trade ◆ Tenor near ‘sweet spot’ on euro curve ◆ Fair value only ‘theoretical’ in current market
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◆ Dutch issuer brings new euro benchmark at last, with social label ◆ Most recent euro line opened over 10 months ago ◆ Peers' bonds helpful to pricing given BNG's absence
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◆ Issuer brings second €500m bond ◆ Still a new name but pricing 'not too contentious' ◆ No intention to squeeze
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