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The first euro benchmark AT1 deals of the year have successfully hit the market amid a string of FIG trades, as issuers have sought to take advantage of a recovery in sentiment to get ahead in funding plans. But with spreads ...

Downside risks return to the fore after resurgent primary phase for FIG issuance

Market

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Mapfre paid a negligible new issue premium when issuing the first subordinated insurance trade in euros since Russia’s invasion of Ukraine on Wednesday, a €500m eight year deal that drew close to €1.7bn of orders ...

Mapfre Tier 3 debut achieves minimal NIP

Market

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“Faster, higher, stronger — together.” The Olympic motto has not only been in evidence in Beijing this month, but at the ECB in Frankfurt and across the Federal Reserve System, with inflation forcing their hands. The ...

Primary hit by curve repricings as inflation hastens rate, purchase programme moves

Market

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Following last week’s ECB and Fed decisions, and with Covid-19 and inflation uncertainty only increasing into the new year, financial issuers will have to navigate an even busier January primary market than expected amid ...

2022 set for bumper, bumpy reopening as inflation, Covid complicate macro outlook

Market

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Well-received remarks from Fed chair Jerome Powell set the stage for records to fall in the financial institutions space this week, as investors took their foot off the brake, allowing issuers from Allianz to CaixaBank to ...

AIA, Allianz put down markers as coupon records fall on back of Powell taper stance

Market

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UniCredit successfully rounded off the first half the year in European bank capital on 30 June, issuing a €750m perpetual non-call seven Additional Tier 1 amid a pre-summer flurry of supply, with issuers still able to tap ...

UniCredit AT1 wraps up H1 with market finely poised

Market

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Attractive opportunities for European banks in the US dollar market are expected to persist into the second half of the year, given the anticipated sharp drop-off in overall investment grade supply that is expected to ...

Yankee drumbeat to persist on supply, XCCY levels

Market

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Macif sold the first ever transaction to include RT1, Tier 2 and Tier 3 tranches on 14 June, a €1.75bn three-tranche deal that attracted some €12.1bn of demand from more than 400 accounts, as the insurer successfully ...

Macif well positioned after €1.75bn M&A hat-trick

Market

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Green, social and sustainability (GSS) bond issuance has trebled its share of key bank products in the first half of 2021, as banks increasingly seek to satisfy investors by reinforcing their ESG credentials and to leverage ...

SNP, Tier 2 lead H1 green and social bank bloom

Market