Currencies
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◆ A bank advised Nationwide of strong fixed sterling bid ◆ RMBS was another option ◆ 'New accounts' participated in deal -
◆ Sparse calendar after a busy window ◆ Strong bid for a high grade name in a niche sector ◆ Single digit new issue concession paid
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SSA issuers also back in frontier currency private placements
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◆ Rival bankers call deal 'a great success' ◆ Dollar spread vs euros 'swung back to issuers' ◆ Cost of carry vs locking tight spreads
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◆ UK water company prints 6.75 year bond ◆ Orders stick at almost seven times deal size ◆ Deal lands close to fair value
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Fewer new deals are pulling lenders' attention back to existing companies
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◆ Fair value 'a bit tricky' ◆ Scarce and interesting ◆ Issuers need to be realistic
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◆ Citi achieves 'strong outcome' ◆ Pricing flat or close to fair value ◆ Sentiment 'more positive than in previous days'
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Additional reserves could be freed, enabling banks to scale up lending
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Issuer navigates US-China trade spat, and bond tightens to 1bp inside fair value the morning after pricing of tap
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◆ One of the widest euro IPTs this year in IG corporate ◆ Demand rises during book building ◆ Single digit new issue premium
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Saudi-based MDB may increase non-dollar funding in its programme in coming years and is exploring a potential social debut
