Pre-migration untagged articles
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Liability management, one of the dominant themes in bank capital at the moment, took a colourful turn this week, with EFG International saying it would issue a Basel III compliant tier two in exchange for an old note and Banco Financiero y de Ahorros offering to buy back debt without giving any price indications. BFA justified the absence of pricing by saying that many of the securities targeted in its €750m buyback were illiquid.
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Qatar printed a $5bn triple tranche deal on Tuesday evening, providing a stark contrast to the funding troubles of western European sovereigns. The $1bn 30 year, $2bn 10 year and $2bn five year were placed via Citigroup, HSBC, JPM, Mitsubishi UFJ, QNB Capital and Standard Chartered Bank.
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Increasing market volatility has pushed some French agencies to be more flexible by issuing notes with put options. Caisse d’Amortissement de la Dette Sociale has sold three big puttable floaters in two weeks to European asset managers.
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Tikehau Investment Management, a Paris-based asset manager, is taking subscriptions for a new corporate bond fund that will be largely invested in European high yield bonds. The TK Rendement Fund 2016 will launch on December 7 and is expected to mature around December 31 2016. The target annualised net return is above 7%.
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ICI Global, the Investment Company Institute’s organisation to represent globally active funds, has hired Giles Swan as director of global funds policy in London.
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Dealers of private EMTNs: Non-syndicated deals for less than $250m excluding financial repackaged SPVs, self-led deals and issues with a term of less than 365 days
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The dark side of capital generation was exposed again on Wednesday as the Irish government mooted the idea of wiping out the principal of six subordinated issues from Bank of Ireland. The Department of Finance has invited submissions on the use of a subordinated liabilities order on the bank’s debt.