Currencies
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Deals will offer sharply different spreads but both expected to find strong demand -
Investors eager to lock in 'interesting yield' for Italy's national champion
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Government proxy EGW landed its 20 year note 2bp through fair value
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UK pharma latest high rated company to hit the euro market this week
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Rising dollar funding costs for European banks and the Libor transition drive up margins
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Non-core currencies are giving European banks a funding afterparty, after time was called on the rally in core markets, where borrowing costs have risen
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Tightening of price guidance on new Yankee deals for FIG issuers has decreased as US investors consider prospect of more rate rises
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Super-tight pricings continue but issuers shy away from long end
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… as long as it’s for the right price
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Dutch issuer’s success suggests long term investors are looking to add riskier debt
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A hefty yield, the issuer’s improved earnings and the choice of a defensive structure lured investors to MPS’s deal and could encourage other issuers
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Following new deal, UK lender is still looking to issue £500m-£2.5bn of subordinated debt this year
