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Friday, 19 April 2019

Alice Gledhill' s stories

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  • Santander

    Santander leaves investors guessing as it calls dollar AT1

    Top News | 18 April 2019

    Banco Santander’s decision to call a US$1.5bn 6.375% Additional Tier 1 bond at the first opportunity, though not unexpected, has failed to provide much further insight into its refinancing strategy and instead kept investors guessing as to its next move.

  • Co-op bank

    Shareholders give Co-op leg-up on market return

    Top News | 18 April 2019

    Co-operative Bank’s first bond sale since 2015 squeaked through last Wednesday, taking succour from shareholder support but also finding interest from new investors to buy into the fledgling turnaround story.

  • Yorkshire offers template to ease pinch of MREL

    Bonds | 18 April 2019

    Yorkshire Building Society last week wrapped up a tender on a Tier 2 bond that could offer a template for other borrowers seeking to reduce the costs associated with the minimum requirement for own funds and eligible liabilities (MREL).

  • A woman passes a cash machine at a Co-Operative Bank branch in central London

    Shareholders give Co-op leg-up for bond market return

    Ticker | 17 April 2019

    The Co-operative Bank’s first bond sale since 2015 squeaked through on Wednesday, taking succour from shareholder support but also finding interest from new investors to buy into the fledgling turnaround story.

  • Santander

    Santander to call dollar AT1 but keeps investors guessing

    Ticker | 16 April 2019

    Banco Santander’s decision to call a US$1.5bn 6.375% Additional Tier 1 bond at the first opportunity, though not unexpected, has failed to provide much further insight into its refinancing strategy and instead kept investors guessing its next move.

  • Co-op bank

    Tier 2 bond sale to test rejuvenated Co-op's appeal

    Ticker | 15 April 2019

    The Co-operative Bank is hoping to raise debt capital for the first time since 2015 as it squares up to industry-wide regulatory requirements two years on from a debt-for-equity swap, without which it would likely have failed.

  • Islandsbanki

    Islandsbanki appeals while yields "disgustingly low"

    Ticker | 04 April 2019

    Islandsbanki’s sub-benchmark senior was inundated with orders as the growing pool of investors willing to buy Icelandic paper jumped at the chance to get their hands on three-year preferred paper at a triple-digit spread.

  • Credit Mutuel Arkea

    Arkea offers sole benchmark after wall of supply

    Ticker | 04 April 2019

    Credit Mutuel Arkea made it three trades in four months on Thursday with a well-received €500m seven-year, the only euro benchmark on offer after €13.5bn of financial issuance in the single currency this week.

  • The logo of Belgian insurance group Ageas

    Ageas Tier 2 spread proves hard to resist

    Ticker | 03 April 2019

    Belgian insurer Ageas’ debut holdco transaction, a €500m no-grow 30NC10 Tier 2, proved a riot in primary as investors leapt at the attractive spread on offer over other recent insurance deals.

  • Citigroup reviews China JV setup

    Citigroup sizes senior with performance in mind

    Ticker | 03 April 2019

    The competitive cost of funding in euros versus dollars drew Citigroup back to the European senior unsecured market on Wednesday, the third US financial borrower to hit the single currency this week.

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