UniCredit
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The Italian lender managed to score size with a slim 10bp-15bp new issue premium -
Book of €8.4bn shows that cash is there for the 'right name, right spread and right tenor'
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Italian holding company manages to get some spread movement after Monday’s deals stalled
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Corporate bond market is open but issuers warned it is not easy
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Lack of a liquid underlying curve made pricing the rare trade 'not easy'
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The Flemish Community is also in the market selling a €2bn dual-trancher
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The issuer is expected to lead a flurry of SSA issuance activity on Wednesday
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Term loan ‘B’s suggest a revival of levfin market
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Three new banks join, one drops out
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Record tight spread through swaps but 5bp concession needed
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Spanish and French agencies also took advantage of a narrow pricing window
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High ratings and market-friendly maturities give bond issuers smooth ride
