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Issuers leave concessions on the table as investors look more closely at individual names
Merck & Co and Ecolab Inc raised a combined $11bn as they took advantage of strong investor demand and tight spreads
◆ Defence firm's first deal in 16 years could entice more to follow ◆ Strong bid fuels price move ◆ Hedge fund demand debated
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◆ Final order peaks at 8.6 times subscribed ◆ Spread tightens by 38bp from initial thoughts ◆ Investors flush with cash chase limited supply -
◆ Demand drops by half during book building ◆ Final spread tightened by 45bp ◆ Deal lands through fair value
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The higher one climbs the investment banking ladder, the less science seems to be applied to recruitment. While trainees must suffer weeks of formal recruitment process, the biggest P&L drivers are more likely to be tapped up down the pub
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◆ Order book lifts size to €600m ◆ Deal lands flat to fair value ◆ US credits enjoy brisk summer sales in Europe
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Better read on secondaries would help syndicates price bonds
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Issuers pile in to market near multi-year tights
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