UniCredit
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◆ Deal attracts strong early momentum ◆ Slim premium paid as HVB lands size ◆ Pick-up offered over German SSAs
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◆ IBB, Saxony-Anhalt, AFL price deals ◆ One trade "accelerated" ahead of cramped market ◆ All notes price tightly
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◆ Deals offer pick-up to KfW ◆ Saxony offers 1bp of new issue premium ◆ BayernLabo prices tight
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◆ State raises €625m as markets sink ◆ Spread hungry bank treasuries drive demand ◆ 7.5bp pickup over KfW
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Innovation has generated 500 deals without requiring extra bankers
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A wave of deals promises to redraw Italy’s banking landscape, pitching financial titans against politicians and offering advisers with a chance to burnish their credentials
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◆ Bond tightens 5bp from guidance ◆ Highest subscribed deal so far this week ◆ Relative value highlights issuer as 'strongest' Belgian region
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◆ Joint Länder trade raises €1bn ◆ JLMs help cover deal ◆ EGB sell-off deepens
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◆ Strong market for subordinated bank debt in euros and dollars ◆ Investors buy ‘undersupplied’ UniCredit AT1 at multi-year low yield in the asset class ◆ Barclays, SMFG and ENBD target dollar AT1 buyers
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◆ Prices 15bp through peer ◆ Fair value not easy to calculate ◆ IFB Hamburg prints too
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◆ Rare Portuguese issuer lands very close to Pfandbrief ◆ Tightening in covered bond spreads prompts divergent views on where fair values are ◆ Both issuers fund close, if not flat to, perceived fair values
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◆ NRW.Bank opens euro account ◆ WIBank flat to fair value ◆ Saxony-Anhalt tightens