Spain
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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 -
Company outlook moved to negative though it remains investment grade
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◆ Spread to Spain gets tight ◆ Big book, record number of investors ◆ Usual pre-summer green bond next
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Treasury official says stability of Bonos spreads particularly valuable against volatile political backdrop
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◆ Spanish agency takes €1.5bn ◆ Books were equally strong for both tranches ◆ Large demand consistent with recent deals
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◆ Gigantic book for Spain ◆ Finland also soared on demand ◆ Austria or Germany next?
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◆ Deal prices near fair value ◆ Minimal attrition in order book ◆ Asset managers assessing AT1s versus senior paper and equity
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◆ BPCE attracts €5.3bn, Navarra €3.5bn ◆ Small concessions to fair value and govvies ◆ Longer dated Spanish deal lands inside higher rated French name
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Auto and real estate companies attract chunky demand for syndications
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Sustainability-linked revolver refinanced two years early
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Investors on the hunt for spread and yield, as market adjusts to lower interest rates
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€19bn of Cédulas will mature next year — but not all will be refinanced
