Featured FIG
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Order books shrink when issuers tighten pricing as investor expectations of rate cuts shift
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Investors have swarmed to FIG FRNs despite looming interest rate cuts
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Flurry of issuance satisfies parched investors and raises hopes for more across the capital structure
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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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Smaller and lower tier bank issuers are enjoying extremely favourable funding conditions, with some able to choose between markets
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Sterling issuance has all but evaporated in recent weeks despite evidence of structural demand from UK investors. Even domestic issuers have snubbed the currency but suggest that some euro funders could be lured back
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Smaller, weaker FIG issuers bathe in spotlight as anything and everything sells
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European insurers' debt issuance volumes are forecasted to increase by 50%-90% this year, with a steady flow of deals from the second quarter. The question is how much of this will be net new capital?
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Bankers highlight that the German Pfandbrief market is 'well protected'
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Commercial real estate worries creep back into investors’ minds but rate cut hopes and need to place cash prevail
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Participants anticipate a push to 15 year frontier in covered bonds as duration demand drives all of FIG
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From long-dated covered and senior bonds to regulatory capital deals; all were priced tight this week. Even after Thursday's ECB meeting, nothing looks set to worsen conditions for issuers
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Banks push longer and tighter but investors keep coming back for more
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Market recovers from shaky start as smart pricing draws huge order books
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Spreads gap out too fast after the credit rally of a lifetime ends, pushing price-sensitive issuers to reconsider their market entrance
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LBBW and Commerzbank reserve their slots early for first trading day of 2024 with December mandate announcements
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Banks may bring forward their 2024 funding plans to snap up duration as investors look to position ahead of predicted rate cuts
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Issuance opportunities abound across capital stack but borrowers said to be happy to wait for deeper liquidity
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Investors pounce on Société Générale and UBS sales after yields rise, then rates rally to soothe fears
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Banks have a promising but fleeting funding window that could push unsecured issuance for the year to a new record
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Relieved market enjoys a rally, but weaker names are still out of favour
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US banks may find a willing audience in euros but that will add to complications for European issuers as they look to start early on 2024 funding
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Santander makes case for G-Sib issuance but bankers insist minnows can price unsecured too
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Senior issuance to come to the fore as higher rates deter covered bonds and subordinated funding