Pre-migration untagged articles
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Bahrain’s sovereign sukuk and an upcoming bond from Gazprom are commanding attention in the EM bond market this week. Gazprom’s deal, a 144a bond that BNP Paribas and JP Morgan have been roadshowing this week, will indicate how busy the new issue market will be for the rest of the year, say bankers.
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Capital is top of the agenda this week, with UniCredit preparing a €7.5bn rights issue and others managing core capital and subordinated paper.
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The European Central Bank ramped up its bond purchasing on Wednesday morning after yields collapsed on Tuesday. It may well have averted — or at least postponed — a crash, said senior SSA bankers. “If it hadn’t stepped in we might as well have all gone home,” said one.
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Corporate bond markets face a critical test of investor sentiment with several companies seeking to issue debt in the face of bewildering turbulence in European markets.
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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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Jefferies continued its war of words with the market this week, offering more detailed disclosures of its peripheral eurozone sovereign debt exposures — and then slashing them in a dramatic demonstration of the liquidity of its positions.
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Investors in sovereign, supranational and agency bonds are asking for deals in longer dated maturities as recession fears drive rates lower.
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Canton of Geneva and Basellandschaftliche Kantonalbank priced three trades this week as Swiss franc investors sought the comforting embrace of domestic borrowers after the shock call for a referendum in Greece at the start of the week.