Pre-migration untagged articles
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The Republic of Austria sold its first MTN in Norwegian kroner since 2002 this week. It has already completed about 95% of its €16bn to €19bn funding target, but said it is open to looking at funding opportunities until the end of the year.
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The European Financial Stability Facility faces a tough time with its forthcoming issue for Portugal, as bankers say eurozone-wary investors do not want to buy it at any price.
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Despite the European uncertainty, issuer blackouts and dire third quarter bank results, the news is not all grim in the bank finance market.
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The CEEMEA primary bond market is making a tentative revival, with the Republic of Turkey issuing a $1bn 10 year note, only the second deal since July. It has traded well even in the subsequent volatility, falling only half a point at its lowest and back up at re-offer by Tuesday’s close. Its performance may encourage other strong names from the EM region to dip their toes in.
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In the structured table, which this week includes self-led deals, SMBC Nikko Capital Markets moved up two spots to 16th. Among its most recent deals are a pair of equity-linkers for Kommunalbanken, and a string of power reverse dual currency trades for Lloyds TSB.
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London-based asset manager Northill Capital has set up Goldbridge Capital Partners, a new European credit asset manager specialising in high yield and distressed debt. The fund has up to $100m of cash on hand.
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A new private equity firm has identified opportunities arising from the expected need for consolidation in the telecoms and financial services sectors — and has just launched its first fund. Pemberton Capital Advisors is looking to raise €500m for its European Services Fund I and is hoping to reach first closing in the first quarter of 2012.
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SSAs tapped Nordic currency deals this week on the back of a favourable basis swap and liquidity hungry investors. KfW was among several supranationals and agencies tapping outstanding deals in Norwegian kroner and Swedish kronor. It printed a Skr900m ($135.3m) tap of its 3.375% December 2016s through Swedbank Markets on Tuesday.
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