Citi
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◆ France first out of the door with 30 year ◆ Large book of €115bn, over 450 investors ◆ 'Very compressed' premium like EU and Italy -
◆ Record book and deal size ◆ Investor demand 'at odds' with media headlines ◆ Key BoE actor clears up position
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Swiss bank racks up $22bn order book as investors jump for yield
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◆ 'First window' for 10 year dollar supply ◆ Deal over twice covered ◆ Pricing tightens 2bp
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◆ Cades tightens pricing by 5bp ◆ French political backdrop helping asset class ◆ Deal subscribed over 10 times
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◆ 'Extremely strong' euro market ◆ Trump inauguration creates good window? ◆ Relative values drive book
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◆ Sterling market still strong ◆ Fair value built out from peers ◆ US and Aussie dollar issuance to come
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◆ Issuer well funded already ◆ Tightens 3bp, no fair value consensus among banks ◆ Demand covers size over three times
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◆ Four deals priced at same tenor, with a fifth also in dollars ◆ Why IADB increased size ◆ Swap spread moves cause complications
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◆ Joint largest size from non-UK public sector issuer ◆ ADB also raised £1bn ◆ Cross currency basis allows for sterling concession
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◆ Sterling SSA market active after slight yield widening ◆ Two day execution strategy helps impressive book ◆ Prices through peer
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◆ One of the first SSAs out in 2025 ◆ Sterling social bond market underdeveloped ◆ Small new issue premium
