Pre-migration untagged articles
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Ireland will issue a bond to capitalise the Irish Bank Resolution Corporation (IBRC), the government announced on Thursday. The ploy will alleviate the cash requirement on state coffers by getting, ultimately, the European Central Bank (ECB) to stump up for the capitalisation and pushing the date by which Ireland must find the cash into the future.
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Lloyds Banking Group has agreed to sell its onshore Dubai business to HSBC Middle East. The operations being sold comprise corporate, commercial and retail banking, with £482m of assets under management as of December 31.
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Dealers of private EMTNs: Non-syndicated deals for ≤ €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days
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UK-based Aberdeen Asset Management is planning to launch two new global high yield funds, one of which will be based in the US to cater to investors there. The other will be registered in Luxembourg.
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The Asian Development Bank sold its largest ever commercial paper note on Wednesday as investors clamoured for sovereign, supranational and agency names.
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Bundesimmobiliengesellschaft (BIG) sold its longest ever bond on Wednesday, as investors aspired to a 4% yield target and diversification away from larger sovereign, supranational and agency issuers. The deal allowed BIG to complete its funding for the year.
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The European Covered Bond Council’s proposed Label Initiative, a quality stamp for the asset class, is still dividing opinion even as it starts to get off the ground. Bankers attending the ECBC’s plenary session in London on Thursday said that some issuers saw no benefit to the initiative and were refusing to absorb any costs associated with it.
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The European Investment Bank (EIB) on Tuesday capitalised on dollar demand for triple-A dollar product with nowhere else to go to issue what one lead manager described as a "rip-snorting" success.
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Belgium cut a lonely figure in public benchmark SSA markets on Wednesday as it braved the more cautious backdrop caused by concerns over Spain’s budget deficit. Some analysts have suggested this week that Spain could be the next to seek help which, in combination with weaker than expected economic data from China, brings a nervous note to the end of the quarter.
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Two more insurers approached the debt markets this week — with wildly different transactions — after well received capital deals from Munich Re and Swiss Re last week. US insurer and asset manager Prudential Financial is planning a uniquely structured benchmark sized single A rated issue in dollars, a deal that treads the line between covered bonds and structured finance. Talanx, meanwhile, released guidance of 8.5% area for its 30 non-call 10 year in euros on Wednesday morning.
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The sukuk market leapt into the spotlight this week after Saudi Electricity Co’s first international bond issue broke a heap of records on Tuesday. Investors piled into a $1.75bn sukuk that offered an exceptionally rare opportunity to buy debt that is a proxy for the Saudi sovereign. Meanwhile, in the Eurobond market, Russia was working its way through a $25bn order book ahead of pricing its three tranche RegS/144A benchmark on Wednesday afternoon.
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It’s a tale of two markets in the non-investment grade space: while some borrowers are riding high, others are falling by the wayside. The European high yield market is continuing to recover but not every transaction has had an easy time of it. A €300m eight year deal for French steelmaker Ascometal was rumoured to be struggling since the end of last week. On Wednesday new talk of a potential pulling of the deal has crossed bankers’ radar, although bookrunners Bank of America Merrill Lynch and Morgan Stanley did not confirm the news.