Commerzbank
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CDC seizes French agency momentum while IADB takes £500m from new nine year line
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French agency capitalises on rare capital market visit
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Order books shrink when issuers tighten pricing as investor expectations of rate cuts shift
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Bpifrance and CEB both take €1.25bn while Kommunekredit returns to sterling
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◆ Investors find tier two FIG debt appealing ◆ Simultaneous execution helped by supply and demand mismatch, ECB rate cut expectations ◆ Both deals land flat to FV with multiple times coverage ratios
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German sub-sovereign again proves that it 'owns the long end' in euros
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New sale landed with a limited new issue concession, bankers said
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SSAs look increasingly expensive versus government benchmarks, raising the question of when investors will stop buying
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French bank aims for size over price, but lands in line with euro funding sources
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Sub-sovereign continues to chip away at its €9.6bn annual programme
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◆ New structure taps investor demand for short-dated credit ◆ Issuer saves on three month versus six month basis ◆ Callable format adds funding flexibility
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German sub-sovereign brings new deal as investors distracted by busy FIG market