BNP Paribas
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Small concession in dollars glosses over cheapness to euro curve -
Sovereign cruises through difficult week in the markets
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Deal printed with a margin of Euribor plus 500bp and issue price of 98
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Germany, Rentenbank and EIB mandate for deals despite Ukraine invasion shockwaves
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SSA issuers went further down the curve as Russia sanctions brought some reprieve to market volatility before the invasion
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US corporate set to return to the franc for the second time 12 months
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Canadian agency moves spread 3bp during bookbuilding
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Savings and commercial bank investors are not sensitive to monetary tightening
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Swiss market debates whether it has found new limits or cannot support multiple monster trades after biggest deal in 13 years
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SSA borrowers still able to offer juice over rates while squeezing mid-swaps
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French lender paid a double digit premium to get its £450m deal over the line
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With the five year Swiss franc swap rate rising this year by 43bp to 23bp, top quality borrowers can now offer higher yields at shorter tenors, helping to propel demand
