Pre-migration untagged articles
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Barclays Capital, JP Morgan and Morgan Stanley had their work cut out this week to achieve acceptable execution for US-South African brewer SABMiller's $1.75bn three tranche bond.
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The US corporate bond market's first response to the Federal Open Market Committee's policy statement and rate rise this week suggested that better times were ahead for spread product in dollars.
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French insurance company Axa launched a daring Eu2.25bn tier one capital issue this week that succeeded, thanks to market-friendly pricing, and restored confidence to a battered European bank capital sector.
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Treasuries and stocks rallied yesterday (Thursday) afternoon after the Federal Reserve appeared to suggest that it would pause its interest rate tightening policy. In line with the rally, dollar swap spreads narrowed. As expected, the Fed raised its funds rate by 25bp to 5.25%, but in its policy statement it said the slowing economic growth might curb inflation over time, which was widely interpreted as meaning that a hold was likely.
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Leading Japanese companies Elpida Memory and Nippon Mining Holdings set out this week to raise ¥195bn ($1.67bn) of fresh equity, in a further sign of the new expansiveness in Japanese business after eight years of corporate restructuring and economic difficulties.