Euro
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◆ US insurer pulled previous euro offering ◆ 'Different approach' taken to pricing ◆ Value versus dollar curve -
'Textbook' deal attracts as defence debate hits sovs and supras
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Issuer sees 'extremely strong outcome' for new bond as weakness lingers in European rates market
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◆ French bank speeds up funding plan to meet eager buyers ◆ Initial deal eyed for second half of 2025 ◆ Higher spread to frequent issuers attracts
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◆ Dutch bank pushes another tightly priced capital deal ◆ Stays mindful of peers ◆ Its third trade this week amid supportive conditions
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◆ Spanish region lands tight versus govvie ◆ Well sought-after deal despite squeezy spread ◆ Strong technical continues to support Spanish (and French) SSAs
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◆ Joint Länder trade raises €1bn ◆ JLMs help cover deal ◆ EGB sell-off deepens
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◆ Deal is third Austrian sub-benchmark in three weeks ◆ Seven years a sweet spot for investors ◆ Austrian supply down from last year with a rush of supply not expected
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Second tier names should not wait to issue, or they risk the spread compression running out of steam
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◆ First EU green bond from FIG after corporate and SSA debuts ◆ Bank turbocharges senior funding in euros a day after sterling visit ◆ Deals have similar structures and maturities
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CriteriaCaixa, DSM-Firmenich fund through fair value, J&J and Carlsberg prep jumbos
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Average spread to swaps up compared to early 2024 while spreads to govvies trend downwards
