Currencies
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Demand is keen but investors are price-sensitive -
Companies raise $22bn in two days
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Issuers could find the next 12 weeks a lot easier than Rachel Reeves
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Banks, corporates, even the government find eager buyers
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Heavy issuance likely for much of September
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French government vote and EU syndication to shape market in coming days
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Hong Kong dollar trades keep up momentum
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◆ Other recent German deals finished uncovered ◆ RV against KfW was important ◆ Some argue outcome 'not great'
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◆ Strong demand for scarce housing paper ◆ Orders peak at 3.5 times deal size ◆ Long end Gilts recover after a turbulent week
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◆ Engie electrifies orderbook ◆ Deal lands flat to or a touch wide of fair value ◆ Frontloaded issuance forecast for next week
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◆ Deal more than five times covered ◆ Spread attractive for rating ◆ Lands inside Nordic peers
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Big deals offer a chunky margin to fee starved lenders
