Euro
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No premium was needed due to a late influx of strong demand
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Market should reject the widespread use of a higher rated hybrid
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Last week was the busiest for euro covered since mid-March
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Swisscom readies five tranches for €8bn Vodafone Italia purchase
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Moody’s rates the €750m 30 year hybrid two notches below issuer’s senior
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◆ German bank with US real estate exposure joins senior pipeline ◆ Several 'tailwinds' could be supportive for Aareal ◆ Portugal's Montepio mandates senior non-preferred
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◆ Green label helps Nordea to tightest euro tier two of 2024 ◆ Investors buying at fair value after November intro ◆ Portuguese insurer Fidelidade meets investors ahead of debut green RT1
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Deals lined up for this week and next as smaller issuers discover duration possibilities but illiquidity causes pricing poser
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Investors propel Banco BPM’s and Santander’s combined books to over €5.6bn
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Issuer plans ‘one liquid benchmark every year’ and to frequent a market providing ‘value’ and ‘flexibility’
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◆ Rare and higher yielding bonds eyed ◆ Bid for duration revived ◆ FRN appetite could start to wane
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Canadian province established a new, longer-dated pricing reference for itself as well as peers