Currencies
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◆ Canadian bank taps Swissies for second time in 2025 ◆ Covered bond raises Sfr335m in line with order book ◆ Deal prices close to fair value -
Deal supply swelled as issuers sought to lock in funding at attractive levels
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Tier two printed flat to fair value, says lead
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French bank predicts euro, sterling and dollar issuance will all grow next year
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◆ Dual-tranche sterling deal first from a financial institution since UK Budget ◆ Dutch bank also issued the first euro EuGB ◆ Deals follow ABN's capital markets day
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Austrian repeat issuer's deal expected to close on December 10
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◆ Demand peaks at 3.3 times the deal size ◆ Spread tightened by 30bp ◆ Final deal size at the upper end of expectations
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Green and social, dollar and euro all on the menu
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German government will spend €108bn on military next year
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Bloc finishes 2025 bond issuance at €153bn, H1 2026 funding plan moves into focus
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◆ Singaporean bank issues first sterling covered since September 2024 ◆ Places £750m on £850m order book ◆ Bankers view deal as flat or just inside fair value
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◆ First deal in sterling since UK budget ◆ Book falls as deal prices tighten ◆ More sterling supply expected before Christmas
