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◆ Logistics company's deal more than nine times subscribed ◆ Extra spread over ratings peers draws huge crowd ◆ VGP lands solid, but less spectacular, trade
◆ Curves steepen in euros ◆ Issuers pull triggers as holiday-strewn calendar looms ◆ Single digit new issue concessions for most
◆ Borrowers take £500m from undersupplied market ◆ Despite lower spread Northern Powergrid's longer maturity trade more popular ◆ Sterling volumes down around 10% from March 2024
European companies happy to pay up for size
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◆ Rare 15 year trade part of multi-tranche deal ◆ Sluggish start to the day ends with €7bn final book ◆ Single digit new issue concession across all tranches -
◆ Sandoz garners chunky demand for 10 year trade ◆ Trend continues for issuers to set deal parameters quickly ◆ Single digit new issue concession
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Investor demand for longer paper allows both issuers to price tight
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High volumes issued as bond market pushes through geopolitics
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◆ A3 rated name opens wider than BBB euro debutant Galderma ◆ Rewarded with big, sticky book ◆ Attrition still clear in other trades
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◆ Borrowers pile into the market…◆ …but almost all only for small benchmark sizes ◆ Concessions still small as high demand battles low supply
