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Elevated NIPs not to be uniform, with some sectors set to pay more than others
Conservative tenors likely to be in demand when issuance resumes
Market participants still hope to clear backlog before April
◆ Longer tranches earmarked for Hinkley Point C financing ◆ Books close at just under €11bn ◆ Single digit concessions offered
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◆ Deal is the fourth EuGB labelled hybrid ◆ Issuer punches through fair value... ◆ ...and gets its tightest senior/sub spread
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Abbott Laboratories plundered $20bn as it led a trio of drug companies which printed jumbo bonds as a deluge of supply in the dollar market ensured a red-hot end to the month.
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◆ French supermarket chain extends curve to 2035 ◆ Deal lands through fair value ◆ SLB volumes slide despite 'flexibility'
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UKPN purchase seen as positive by rating agencies, leads to senior and hybrid upgrades
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◆ Deal spans euros, sterling and dollars ◆ Wide range of US TMT comps used ◆ Slim premiums needed for euro tranches
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◆ Telecoms firm takes €1.5bn ◆ Some premium needed at the long end ◆ Demand highest for shortest tranche