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Long dates in focus as Italy sells linker, UK prints conventional

Long-dated sovereign issuance is at the centre of attention this week as the Republic of Italy sells a Eu3.5bn 2041 linker, the first long-dated inflation bond market has seen since 2005, and the UK issues a 2060 conventional Gilt, which some market participants believe will be much smaller than its syndicated predecessor. In agency territory, we look at KBN’s $1bn five year Eurodollar, Eurofima’s Eu500m 12 year bond and consider the prospects of Unedic’s first transaction since 2005. The French unemployment insurance agency has mandated BNP Paribas, Calyon, HSBC and Natixis to arrange an EMTN programme and the inaugural trade is expected to be launched mid to end November after a comprehensive European roadshow.

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