Barclays
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◆ Pricing tightened 7bp ◆ Predecessor's curve used in bookbuilding ◆ 30 year bond grabs impressive book -
Book for its newest deal was second in size only to a QE-era transaction
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◆ 'Good outcome' for German states ◆ Spread to KfW tighter for longer maturities ◆ Prices tighter than 10 year deals from peers
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◆ Views on fair value differed ◆ France syndication ‘the next big test’ ◆ Supra attracts €60bn final book
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◆ Record book for the German state ◆ Länder-KfW spread now much healthier ◆ Strong bid for German assets at current levels
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Chairman of EMEA M&A joins global chairman group
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◆ Bloc takes more than bankers anticipated ◆ Triple-digit orderbook for long-dated tap ◆ Bankers agree on fair value
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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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◆ Dual tranche deal pulls in big demand ◆ Limited new issue premium on both bonds ◆ Rentenbank raises €750m
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◆ Sterling market goes from busy to busier ◆ OeKB takes ‘decent book’ ◆ Agency looks to dollars next
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◆ Bank of Nova Scotia and Barclays visit sterling ◆ Pace of bookbuilding and price tightening slows ◆ Goldilocks scenario makes arb attractive
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◆ Joint largest size from non-UK public sector issuer ◆ ADB also raised £1bn ◆ Cross currency basis allows for sterling concession
