Germany
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◆ Deal sees $4.25bn in demand ◆ Good value versus tier one SSAs ◆ Short-end dollar attracts interest -
◆ Issuer eyes further outings ◆ Book closes in excess of €820m ◆ Multi-day marketing period supported demand
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The path to a capital markets union will inevitably pass through a pan-European banking union
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Four UK entrepreneurs back Applied Nutrition IPO with cornerstone commitments
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Supplementary budget might see Länder use late November window
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◆ Deal is DZ's first public sector trade of the year ◆ Domestic demand to support deal ◆ Tenor matches cover pool funding need
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◆ ESG accounts provide early orders ◆ Granular treasury accounts fill up book ◆ Deal comes close to fair value
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High grade names face a tougher market, but opportunities are still on offer
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◆ Only €5bn left of €80bn funding task ◆ Dollars and smaller currencies on the menu ◆ ‘Right demand, right product, right time’
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◆ Five year deal planned ◆ Savings banks to drive demand ◆ Deal to harness interest for high spread German paper
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◆ Deal attracted strong official institution interest ◆ Borrower faced some limits at 40bp ◆ Low single digit concession paid
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Relief that the first European IPO after summer has grown in the aftermarket, though not without large concessions
