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Corporate Bonds

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Banks accept some deals will bypass them — others they can intermediate
◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
◆ Toyota MCC increases deal size ◆ ASF pays small concession ◆ Pair tighten more from IPTs than last year's average

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