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High grade and crossover bonds

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◆ Heathrow and ADP offer concessions for longer dated trades ◆ Investors 'more selective' and 'want to be compensated' past 7 years, says banker ◆ Avinor's state-owned status helps it land through fair value
◆ No bitter unrated taste as book grows throughout pricing ◆ Investors keen for household unrated names ◆ Price discovery needed
◆ Stellantis sees stronger demand for shorter leg of €1.25bn dual trancher ◆ RCI Banque prices €750m 5.2 year tightly ◆ Ford finds demand in short end sterling
◆ Big move for AkzoNobel, three months after last trade struggled ◆ Orders peak near nine times the deal size ◆ Deal comes through fair value
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  • The China Securities Regulatory Commission (CSRC) announced the results of a nationwide inspection of corporate bond issuers and rating agencies last week, lifting the lid on the poor practices that are dogging the market.
  • CAR, China's largest auto rental company, is preparing to issue its debut Panda bond in China’s exchange bond market, sources familiar to the deal have told GlobalRMB. The move will add some credit diversification to this nascent debt product.
  • China Resources Land limited (CRLand) has applied to issue a total of Rmb20bn ($3.08bn) in Panda bonds in China’s interbank bond market, two sources have told GlobalRMB.
  • Standard & Poor’s decision to downgrade French supermarket chain Casino Guichard-Perrachon (Groupe Casino) to junk status sparked a dramatic but fleeting reaction in the company’s secondary bond spreads on Monday.
  • The growth of the Panda bond market is being impeded by regulatory and liquidity issues in spite of the asset class’ attractive pricing, according to a report from Fitch.
  • Daimler has received approval to issue and started marketing its second Panda bond sources close to the deal have said to GlobalRMB.