Currencies
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◆ Deal slotted into a quiet calendar ◆ Liquidity abundant after Terna’s blockbuster EuGB ◆ Fair value seen at mid-swaps plus 117bp
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Helaba merger could create a 'diversified' player in the commercial real estate market
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◆ Huge demand for second euro bond ◆ 'Remarkable' result a reflection of strong market ◆ Bond immediately performed, dragging peers tighter
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Company's bespoke financing will help fund growth
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The UK will do better with tactical retreats on regulation than risking being outflanked by the US's wildcat banking regime
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◆ Syndicate desks say if deal was expected ◆ Flurry of SSA bullet and structured MTNs ◆ Mandates hit screen after US data
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◆ Mediobanca latest Italian bank to fund amid M&A ◆ Deal well absorbed even at negative NIP, though some debate on price ◆ Similar dynamics gave Ifis tight spread and concession
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Société Générale arranges facility, which sees UK's National Wealth Fund join
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◆ Yorkshire Water markets two bonds at identical IPTs ◆ Tranches neck-and-neck through guidance ◆ Longer maturity ultimately tightened farthest
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◆ 3.5 year FRN priced flat to guidance ◆ Green and conventional fixed rate bonds to come ◆ World Bank, PSP to print euros
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Plans could revive offshore sterling issuance suppressed by poorly received PRA proposals
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◆ Terna becomes latest Italian company to print EuGB ◆ Deal lands inside fair value ◆ Rampant liquidity left disappointed by dwindling supply