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Financial institutions may have to revise their size ambitions if they want to print euros before the summer, according to syndicate bankers, who continue to be asked for pricing updates despite the Greece deadlock.
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The depth of the dollar market for public sector borrowers was showcased by a trio of deals this week, as even those that aimed for tight pricing rather than size overshot volume targets.
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Charter Communications led a dramatic comeback for dollar issuance on Thursday as the US cable and telecoms company peppered the curve with a six-part $15.5bn M&A financing.
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Bank Nederlandse Gemeenten and Nordic Investment Bank took advantage of pockets of demand to price deals in Australian dollars and Norwegian kroner this week — but bankers said further niche currency activity would likely remain limited until global volatility subsides.
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Two Australian banks issued dollar covered bonds this week, breaking a blackout of over three weeks. Westpac came first with an $800m three year floating rate note on Tuesday, then CBA followed with a five year on Thursday.
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Caisse Française de Financement Local struck a defiant note on behalf of the covered bond market in the face of the Greek crisis on Thursday by printing the first euro deal from a European issuer in three weeks.
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UBS has hired what it said was its first ever global head of equity syndicate, in a bid to fight its way back up the US equity capital markets league table.
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The eurozone will hold its breath over the weekend as Greece’s creditors decide whether to accept new proposals on economic reforms from the country’s government — but regardless of the outcome, public sector borrowers are in for a difficult few months.
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US company Procter & Gamble printed over $15bn more Euro-commercial paper this year than in the same period of 2014, marking a growing trend in the corporate sector as short-end investors snap up any paper offering a yield.
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Pemberton Capital Advisors, a UK asset manager, has won €547m of commitments for a fund that will lend to mid-market companies in the UK and Europe, adding another player to this increasingly crowded market.
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Issuance of US-style private placements from UK universities has in recent years been limited to a couple of deals a year, but with four already in 2015, including one this week, bankers are predicting a steady flow for the rest of the year, writes Elly Whittaker.
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Credit Suisse is set to print the latest in succession of Samurai trades, as European banks turn to the size and tight pricing offered by yen, a stark contrast to a euro market paralysed by the Greece crisis, writes Virginia Furness.