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Cash is king, say investment grade issuers as Technip and Hera price convertible debt

European investment grade issuers made a return to the equity-linked market this week, taking advantage of buoyant share prices, as well as credit spreads and yields so low that the coupons imply cost-of-carry around zero. With heavy redemptions due in the December to February period, bankers expect investors to snap up supply.

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