ING
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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 -
◆ 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
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◆ Bankers unanimous on fair value ◆ Senior market 'wide open' following US election ◆ More 2025 pre-funding expected
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