Currencies
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Investors seek yield in long-dated FIG subordinated and senior markets -
◆ Only second Canadian province in euros this year ◆ Premium paid debated ◆ Rarity value supports transaction
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◆ Longer tranches earmarked for Hinkley Point C financing ◆ Books close at just under €11bn ◆ Single digit concessions offered
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◆ Deal is the fourth EuGB labelled hybrid ◆ Issuer punches through fair value... ◆ ...and gets its tightest senior/sub spread
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Critics doubted the EU Green Bond Standard would catch on, but it is gaining new issuers and a following from investors
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Shrinking spreads between the two asset classes have left investors asking if the risk of senior debt is worth it
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Regular green bond and social bond could come in rest of 2026, but likely no defence bond
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◆ Japanese insurer had almost no attrition in its senior preferred trade ◆ Some NIP left for investors ◆ Busy week for Japanese issuers in euros
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◆ AfDB brought forward dollar benchmark ◆ 'Challenges' from tight US Treasury and swap spreads ◆ New Asian investors buying callables
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Swiss power company issues only five and seven year floaters
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◆ French supermarket chain extends curve to 2035 ◆ Deal lands through fair value ◆ SLB volumes slide despite 'flexibility'
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UKPN purchase seen as positive by rating agencies, leads to senior and hybrid upgrades
