Cover story
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Borrowers are using different strategies to optimise capital but strong market encourages the most subordinated deals -
Santander shows big AT1 deals work best alongside tender offers
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Akbank opts for use of proceeds sustainable loan, others may drop ESG labelling altogether
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The market will need a breather before follow-up trades in foreign currencies
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Optimism rebounds after recent new issues were priced through fair value once more — but some parts of the curve could be more open than others
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European financial institutions — already facing a narrow issuance window over the next couple of weeks — must also navigate renewed rates volatility
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With no ECB there to offer boundless liquidity, some are warning of scares in secondary
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Convincing banks to print is the barrier to issuance
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Investors have swarmed to FIG FRNs despite looming interest rate cuts
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Companies can get undrawn loans at super-tight margins, drawn debt is dearer
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Euro issuance is down despite front-loading and asset managers keep buying
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Global body finds empirical evidence of widespread and serious tampering to improve figures
