EMEA
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Borrowers from the Gulf region have a track record of remarkable primary market prints
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◆ New paper subordinated to existing hybrid stack ◆ Investors keen to pick up high yielding deal ◆ Deal seen as a sign of commitment to hybrid capital
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Eight banks provided the loan, which can switch by lenders' consent
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◆ German industrial borrower prints €500m five year ◆ Issuer skips guidance on solid demand ◆ HLD Europe follows with a sub-benchmark six year
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◆ Rentenbank last sold a 10 year in 2023 ◆ IBB's book gains momentum after spread set ◆ NRW.Bank returns to sterling after 2.5 years
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Asian buyers are sensitive to geopolitical turmoil in the Middle East, but they do return
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Paul Gibbs among those departing the firm after long service
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More robust growth expected in 2026
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◆ Deutsche Post delivers €1.25bn over two tranches ◆ Some premium needed for defensive deal ◆ Deutsche Börse gets Monday's largest book
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◆ Elis and Australia Pacific Airports offer low double-digit concessions ◆ Akzo Nobel prices dual trancher ◆ Shorter dated deals attract strongest demand
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◆ 'Pragmatic' and 'flexible' about execution window ◆ Tight spreads to Germany, Netherlands achieved ◆ Trio of euro deals to come on Tuesday