Spain
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€19bn of Cédulas will mature next year — but not all will be refinanced -
Hybrid deals remain challenging sale for issuers
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Toll road company tightens 50bp and sees ample demand
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Cox ABG has cut its all-primary IPO by 13% on its last day of bookbuilding, as it calls on "friends and family" for help
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Delistings in the renewables sector and a ‘debt-driven’ company are on market participant’s minds
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Spain is 88% funded for 2024 with regular auctions left; expects next year’s programme to be similar
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◆ 'Stable' book grows after spread set ◆ Lack of recent Spanish supply helps pricing ◆ Illiquid secondaries create wide range of fair values
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Market participants weigh up how to evaluate Spain-France inversion and outperformers like Portugal and Greece
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Borrower draws ample demand as issuance volumes slow
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The books will open on Friday morning for the Spanish frozen bakery’s second attempt at a listing, with new cornerstone investor for small part of the deal
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Fed out of the way and US election on horizon sends volume surging in IG corporate bonds
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◆ US election jitters prompt early final trade ◆ Issuer pays 'appropriate' NIP ◆ Possible pre-funding for 2025 via private placements
