ING
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◆ Three banks raise dollar funding with single digit premium ◆ ING moved through 'right window' to issue its first Yankee of year ◆ NatWest opts for four-part opco print -
◆ Deal highlights Länder spread journey ◆ No price tightening ◆ Priced off KfW with minimal NIP
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◆ Bond tightens 5bp from guidance ◆ Highest subscribed deal so far this week ◆ Relative value highlights issuer as 'strongest' Belgian region
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◆ Issuers opt for 'bread and butter' 6NC5 structure ◆ Debate whether landed inside fair value ◆ French insurers bidding for long Spanish paper
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◆ NRW.Bank opens euro account ◆ WIBank flat to fair value ◆ Saxony-Anhalt tightens
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◆ Bond priced flat to fair value ◆ 'Pros and cons' for tightening ◆ No-grow tactic deployed
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◆ Longest trade in euros for SEK ◆ Book almost three times covered ◆ Rarity helps with tight pricing
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DCM team responded to issuers’ heightened need for advice on capital this year and plans to expand in this competitive area
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More dilution to come
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As the end of 2024 approaches, deals expected to be few and far between
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◆ 'Investors seem to be buying' in euros ◆ Institutional community's tap tightened 4bp ◆ Deal’s coverage ratio was issuer's highest this year
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◆ Dutch bank raises A$1bn via local branch ◆ Aussie covered supply significantly down ◆ Tight senior/covered spreads push local major banks elsewhere
