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◆ First deal in sterling since UK budget ◆ Book falls as deal prices tighten ◆ More sterling supply expected before Christmas
Crédit Agricole and DekaBank take centre stage in Swissies as domestic names go quiet
Light opportunistic dusting expected, but prohibitive pricing to put off non-sterling funders
◆ Praemia refis at a tighter coupon ◆ Schneider lands tight at the short end ◆ Minimal concessions needed
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Investors pile into 12 year as excitement continues to drain from ultra-long bonds
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Reverse Yankees tighten during bookbuilding, but deal glut means exuberance is gone
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Trickier structure draws in crowd starved of deals
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Deal pile up means days of 40bp tightening during bookbuilding could be over for now
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Volatile conditions and bigger deal sizes mean private lending is facing more risk than ever
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Sharp spread tightening still possible despite slew of trades lining up