EMEA
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Turkish banks are bolstering capital stacks ahead of accounting changes next year -
Hybrids find it hard to consistently hit the target as senior/subordinated spread shrinks
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Better book than last sell-down with new long-only institutions coming into the stock while others add to positions
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Sectors in peril while others restructure debt — welcome to the new normal
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Hybrid deals remain challenging sale for issuers
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◆ Large book for small tap ◆ Flight to safety helps swap spreads ◆ L-Bank grabs $1.25bn
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Cable company goes big on short tranche in M&A related trade
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Turkish bank is tendering the 2027 bond it didn't call in 2022
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◆ 'Investors seem to be buying' in euros ◆ Institutional community's tap tightened 4bp ◆ Deal’s coverage ratio was issuer's highest this year
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New lenders joined the $2.27bn-equivalent sustainability-linked deal at all levels
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Long maturities continue to attract healthy oversubscriptions, but some investors don't see their value
