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Afreximbank printed a bond of superlatives on Tuesday, achieving its biggest ever book and largest trade. But bankers on and off the deal debated whether the African supranational priced the note flat to or inside its curve.
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Kazkommertsbank, the largest bank in Kazakhstan, intends to buy back up to $300m of its outstanding euro and dollar bonds via auction.
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Romania was on track to print a 12 year euro-denominated note on Thursday having launched the €1bn trade at 225bp over mid-swaps.
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Erste Group Bank has mandated leads for its inaugural additional tier one transaction, which will be its first issuance of capital notes since it failed to pay the coupon on legacy tier one debt at the end of 2014.
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Afreximbank printed a bond of superlatives on Tuesday, achieving its biggest ever book and largest trade. But bankers on and off the deal debated whether the African supranational priced the note flat to or inside its curve.
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Banks and insurers have been peppering the market with a variety of trades this week, as borrowers start to make use of benign issuance conditions before an expected shutdown in the run-up to the UK’s ‘Brexit’ referendum.
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Afreximbank was offering 25bp-30bp new issue premium at guidance stage for its new five year dollar benchmark note on Tuesday.
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In the latest signs of ill health among banks, which have experienced a rough ride in capital markets this year, UBS analysts on Tuesday named BBVA, Svenska Handelsbanken and Standard Chartered as their least preferred names in a sector that is now cheaper than every other, apart from autos, after a damaging earnings season.
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Motorpoint, the UK car supermarket group, enjoyed two days of strong share price gains after completing its £100m ($146.17m) London IPO on Friday, and has since settled at that level.
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Hungary still plans to issue renminbi debt in Panda bond format as well as a euro-denominated note following its successful placement of a dim sum note last month, György Barcza, CEO of AKK, Hungary’s debt management office, told GlobalCapital.
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Investor appetite for UAE corporate debt was unfulfilled when Mubadala printed $500m from a $5.1bn book last week but with Etihad Airways lining up a dollar trade, investors may have a second chance to buy.
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Noor Bank has mandated banks for its debut Basel III bond and will be looking to soak up excess demand for additional tier one (AT1) debt after Boubyan Bank’s note was over five times subscribed last week.