Currencies
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Bank intermediaries eye resurgence in profitable trades -
◆ Deal follows $3bn issue in February ◆ Swiss regulators may demand much more capital ◆ Similar structure to last deal
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◆ United Utilities lands flat to fair value with rare green bond ◆ Southern Water draws book size over £3.75bn at peak ◆ Optimism regained in the troubled sector
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Long end deals could be on the cards for brave Benelux borrowers
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Near-term rate cut expectations decline in dollars and euros
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Facility features accordion option
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Prospect of more borrowing and investment next year did little to deter Bund yields or swap spreads
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Investors and issuers unlikely to reshape plans to capitalise on wide covered levels
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◆ US telecom prints long seven and 12 year bonds ◆ Deal upsizes to €2bn ◆ Spreads on both legs tighten by 38bp
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Why remembrance of things past will soon include the traditional relationship between French covered and sovereign bonds
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◆ Lack of competing issuance and high yield alternatives lure buyers ◆ £150m deal more than nine times subscribed ◆ 'Punchy' spread differential between Chesnara's outstanding tier two and new RT1
