Bank of America
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LEG takes advantage of strong share price rally with “very opportunistic” trade -
Hire follows senior bankers quitting
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◆ Tuesday tap surprise was pre-funding ◆ Next year’s programme revealed ◆ Historical spreads facing French agencies
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◆ Tap was four times covered ◆ No premium required ◆ Spread to mid-swaps attracts
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◆ Issuer's second largest dollar deal ever ◆ Tight spread to US Treasuries ◆ 'Challenging' geopolitical backdrop
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◆ Tenth syndication probably bloc's last for 2024 ◆ Large subscription ratio as usual ◆ January looking 'extremely positive'
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Wallonia and Hamburg tap bonds as bloc mandates tenth syndication
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◆ Supra returns after two-year hiatus ◆ Deal reopens SSA benchmark issuance, paused since late October ◆ Relative value in focus after end of ECB buying, recent swap moves
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◆ First SSA euro deal sold in nearly two weeks ◆ Rarity, yield and green label lead to 'strong success' ◆ E-supras' curves referenced for pricing
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◆ Cross-currency basis swap moves make trade feasible ◆ Fair value hard to locate after Gilt movement ◆ Book almost covered
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◆ Opportunistic move pays off ◆ More balance brought into euro curve this year ◆ ‘Incentive and motivation’ to improve spreads
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◆ Final terms fixed from the get-go ◆ Second opportunistic dollar trade from the sovereign ◆ Home euro market having ‘terrible day’
