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◆ Pearson pays up to reopen UK sterling paper ◆ Investors hungry for scant sterling supply ◆ Fellow UK media firm Informa opts for euros
Strong bid for euro corporate bonds has allowed issuers to squeeze pricing tight
◆ 12 year tranche is longest euro trade in weeks ◆ Issuer goes for price then size ◆ Some concession needed for dual trancher
Investors maintain orders as issuers push tight, although some limits are appearing
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Commerzbank is expanding its investment banking business as it doubles down in its domestic heartland, writes David Rothnie.
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South Korean oil refiner GS Caltex Corp raised $300m from a senior bond on Wednesday.
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Brussels Airport has issued a €500m US private placement in three tenors in a “blowout transaction”, according to market sources.
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Chinese local government financing vehicle Chongqing Nan’an Urban Construction and Development Group closed a $500m five year bond sale on Tuesday, but only after shifting some of the banks running the deal.
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Spanish infrastructure and renewable energy company Acciona has returned to the Schuldschein market with a €150m-minimum triple tranche transaction. As lenders begin to loosen lines to Italy and Spain, arrangers said there may be more borrowers from those countries to come.
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Yiwu State-owned Capital Operation Co, a Chinese local government financing vehicle (LGFV), nabbed $600m on Wednesday in a deal that was led by 14 banks.