UBS
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Senior funding there for the taking, covered bonds yet to take off — but conditions are great for all -
◆ UBS ends 14 month Swiss franc covered absence ◆ Next to no premium paid ◆ Swiss bank has raised AT1, senior unsecured and now covered in the last week
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◆ Swiss bank quickly follows $2bn AT1 with senior holdco print in euros ◆ Deal's high oversubscription may tempt others to print soon ◆ DNB diversifies funding printing rare euro FRN
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Concentrated pre-Fed funding drives July FIG issuance in the US to over $50bn
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◆ Deal follows $3bn issue in February ◆ Swiss regulators may demand much more capital ◆ Similar structure to last deal
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Swiss bank promotes Steve Studnicky, hires JP Morgan's Peter Castoro
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Bulge bracket firms are hiring from each other in a war for talent to woo financial sponsors
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Swiss bank is also launching a corporate and sponsor advisory group and reshuffling FIG leadership
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Banks using artificial intelligence will need to go beyond cost-cutting and harness the technology to produce bankers who are better equipped to deal with clients
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◆ CDC raises £500m for first time ever ◆ KfW sets spread from the outset ◆ Two day execution helps distribution
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UBS promotes bankers to replace leveraged finance specialist
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◆ QTC aims to build curve in euros ◆ Monitoring dollars too ◆ Canadian comps used
