Issues
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Lack of deals is keeping margins low, but volume and risk will return
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New factors suggest bank bond issuers will find even better funding market if they wait until after Easter
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Spreads to tighten further as yield grab drives BTPs towards pre-2008 spreads to Bunds
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Companies can get undrawn loans at super-tight margins, drawn debt is dearer
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Senior bankers being replaced with juniors
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Higher than average issuance in first quarter augurs slim pickings ahead
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‘A broad church’ of borrowers will tap the bond market as investor appetite remains red hot
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Galderma will provide the European IPO market with another important data point when it begins trading on Friday
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Corporate supply in the first quarter of 2024 may surpass the first quarter of 2020
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◆ US insurer’s jumbo $6bn multitrancher propels dollar FIG volume to almost $240m in the first quarter ◆ SocGen raises $1bn AT1 capital ◆ AIB reinforces Yankee issuance on Thursday
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Michael Klein’s attempted spin-off of Credit Suisse’s investment bank was complex and conflicted, but it could have reshaped the landscape in a way the UBS takeover does not
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