Issues
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Final US big bank to raise dollars after earnings
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Relief at absence of full scale panic is clouding equity investors’ judgement
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Trading lifted results at Barclays, Deutsche Bank and UBS but corporate finance goals will be harder
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Google owner returns to dollar market for first time since 2020 for joint tightest 30 year spread ever
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New issue premiums have risen, but even single-B rated issuers have priced deals
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◆ $9bn raised in one go, peers inspired ◆ ‘Very efficient’ dual-tranche serves issuer well ◆ Tight Treasury spread but 'where the market trades’ is important
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◆ Less frequent and smaller Europeans return after Iccrea reopening ◆ Latest sub-benchmark Austrian deal adds issuer diversity ◆ CCF meets annual funding need
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Issuer was originally looking at a $1bn trade but found healthy demand
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Fiserv and Visa print across the curve with more tipped to come
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Two firms are vying to lead European investment banking pack
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◆ Swap spread stability enables large $5bn trade ◆ Spread to US Treasuries gets squeezy ◆ Alternative executions considered but not needed