Crelan
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◆ Issuer nearly halves funding cost from April 2024 capital debut... ◆... close to larger competitors' spreads ◆ New deal strengthens its bail-in debt layer and ratings -
◆ Nordea outmanoeuvres spread widening by waiting to print in euros ◆ It and Crelan's SNP deals attract close to €6bn of orders ◆ 'Right to pay' some concession
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◆ First deal since Crelan/AXA Bank Belgium merger ◆ No premium paid ◆ Capped size allows for focus on price
