Location
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Dubai Islamic Bank has priced at fair value -
◆ First Australian sterling tier two since 2022 ◆ Fair value debated ◆ Motivated by uptick in Aussie tier two requirements
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The company is by far the most prolific issuer of hybrids in the Gulf
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◆ Insurance company's first outing since 2023 ◆ Book continued to grow after reoffer ◆ 'Pretty much everybody from the UK real money investor base' present
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◆ Relative value against covereds is important ◆ Spread 'could have been pushed more' ◆ Lack of SSA supply a factor
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◆ Swiss chemicals group sells two, five and nine year notes ◆ Single-digit premium paid across tranches ◆ Year to date domestic Swiss supply at record high
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◆ First UK bank to issue euro AT1 since 2020 ◆ Orders exceed €8bn ◆ Signals investors 'want duration'
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Next year's programme will be similar in size and strategy to 2025's, but adds something new
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Recent sluggishness experienced by a Saudi AT1 is unlikely to be repeated for KFH's deal
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◆ Two insurers announce capital deal mandates◆ Bermuda tier one offers unique reset structure ◆ Bupa opts for sterling tier two
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◆ Combined demand peaks at more than €5.1bn ◆ Yield curve drives investors towards seven year ◆ No premium needed to hit size targets
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London-based hire will also work on financing for infra sector sponsors
