UBS
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Landesbank Baden-Württemberg has issued the first European covered bond denominated in dollars this year, boding well for further supply from European banks in the currency.
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Zhejiang Geely Holding Group is set to sell its first dollar-denominated green bond on Thursday that comes with a standby letter of credit from Bank of China’s London branch. The offering marks the third dollar green debt to be sold by a Chinese issuer. -
Shares in Van Lanschot, the Dutch investment bank that is transforming itself into a pure wealth manager, have traded fairly stably as its ‘re-IPO’ has been announced and got under way this week.
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Italy brought a rare syndicated effort at the short end of the euro curve on Wednesday, but there was little sign that the unorthodox approach disturbed investors as it built an oversubscribed book at a punchy price.
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Erste Group Bank has mandated leads for its inaugural additional tier one transaction, which will be its first issuance of capital notes since it failed to pay the coupon on legacy tier one debt at the end of 2014.
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Public sector borrowers are taking advantage of some of the best conditions in the dollar market all year to print jumbo sized deals at the tightest spreads to US Treasuries in months.
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In the latest signs of ill health among banks, which have experienced a rough ride in capital markets this year, UBS analysts on Tuesday named BBVA, Svenska Handelsbanken and Standard Chartered as their least preferred names in a sector that is now cheaper than every other, apart from autos, after a damaging earnings season.
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Indonesia’s Cikarang Listrindo has kicked off bookbuilding for its IPO, which could raise up to $357m, with the deal already covered by anchor investors, said a source close to the deal.
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The UK Debt Management Office has picked the banks that will run its next syndication, scheduled for the week beginning May 23.
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Hong Kong based Sun Hung Kai has announced the minimum yield for an exchange offer that will switch bondholders out of the firm’s 2017 notes into newer ones due 2021.
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Groupe Bruxelles Lambert, the Belgian investment holding company, won a bigger than expected take-up for its buyback of bonds exchangeable into shares of Engie this week.
