Rabobank
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Deal was oversubscribed with €110m of lead manager orders
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◆ Eight foreign banks raise more than $18bn in three days as BMO adds another $1bn to multiple perps ◆ M&A funding also boosts February FIG volume to over $50bn ◆ Slow down felt by Thursday as spreads widen
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◆ ¥50bn Euroyen is issuer's first public bond in currency for five years ◆ Wide range of investors buys what was the biggest foreign issuer in yen ◆ Pricing wider than euros, tighter than dollars
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From long-dated covered and senior bonds to regulatory capital deals; all were priced tight this week. Even after Thursday's ECB meeting, nothing looks set to worsen conditions for issuers
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◆ Duration and spread demand dictate investor demand even at tighter valuations ◆ Rabo exemplifies this trend into a €1bn 10.5 year SNP that was more than six times subscribed ◆ NBG and CIBC also print with arguably no concessions left
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◆ European banks lead issuance with focus on senior funding ◆ Market wobbles prove funding more challenging than expected ◆ Foreign banks’ capital raising is one prominent feature
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Primary deal flow expected to resume next week, but amount raised will be small
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Higher new issue concessions expected to continue into early 2024
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New retail government bond sale draws in €4.8bn of demand on first day
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Banks seized the opportunity to fund in challenging markets ahead of a looming US government shutdown and increased rates volatility
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Issuer has one more benchmark transaction planned for 2023
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Labels and length as issuers offer duration to market where 'mis-steps' still possible
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European agencies to dominate week’s issuance with Fed and Bank of England in focus
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Both supply and demand are on the rise to support more long-dated paper
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◆ June CPI fuels spread tightening ◆ Foreign banks opt for short end dollar funding ◆ RBC copies rival TD's early week foray
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German federal state attracts nearly €3bn of demand for inaugural social bond
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Two German issuers each took planned €500m from oversubscribed books on the same day as the sovereign
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◆ Dutch issuer takes unusual approach to marketing ◆ Arkéa used a different tactic to attract buyers ◆ Dealers detect confidence from investors in longer dated deals
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Improved market sentiment and ample investor liquidity suggest second tier issuers could soon return to the primary market
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Intesa offers up to five tranches out to 10 years as Rabobank issues private tier two
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Tightening of price guidance on new Yankee deals for FIG issuers has decreased as US investors consider prospect of more rate rises
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Dutch issuer’s success suggests long term investors are looking to add riskier debt
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Solid trade for green bond issuer sparks hope that more IG corporate deals can come this week
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After two successful euro benchmarks, the Dutch agency has set sights on the dollar market