EMEA
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Company is refinancing to cut costs -
SNB rate cut skews investor interest towards longer paper
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◆ Arbitrage attracts Belgium to dollars again ◆ No book updates ‘a little surprising’ and ‘a red flag’ ◆ Investors expected more spread
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Borrowing task is second largest ever after Covid response
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◆ First hybrid in almost two months ◆ Unibail will use proceeds to tender its novel exchange deal ◆ Three times subscription before books were reconciled
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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
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Machinery maker now has 20 relationship banks
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Shorter tranche far more popular
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There was no new issue premium when the $1.75bn dollar bond priced on Tuesday
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The country has a 'big following' from investors
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◆ Issuer strikes 'fine balance', prioritising size ◆ Pricing came in line with recent peers and KfW ◆ Have 10 year Länder bonds found their level?
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◆ Sovereign ‘clearly listened to investors’ ◆ 15-20 year linker tap slightly different from planned ◆ One long green tap left for 2025
