DZ Bank
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Only third Portuguese covered this year ◆ Fair value at '13bp-14bp' says banker ◆ Investors responded well to three year tenor -
◆ Issuer pays small new issue premium ◆ Order book showed 'more than enough demand' ◆ Four German banks issued covereds in past two weeks
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◆ CFF tightened spread by 6bp ◆ CFF and Hypo Vorarlberg Bank paid small concessions ◆ NN Bank attracted largest order book of the day
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The German toy production company doubled the size of its RCF but maintained its banking consortium
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◆ UOB cited last week's DBS covered as a comparable ◆ Singaporean bank issued a sterling covered last week ◆ Issuers using different currencies back-to-back is not unusual
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◆ German issuer showed little order book attrition ◆ UniCredit shared primary market with four others ◆ Market set to slow after a fast start
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◆ Korean lender capped trade to focus on spread ◆ Shared market with four other deals ◆ Asian firms have been busy since market reopened
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Retail and services company initially targeted €100m with third transaction since 2022
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Deal includes $1bn 3.75 year term loan
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The German pharmaceutical wholesaler was upgraded to BBB- by S&P last month
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◆ Dutch bank is a regular covered bond issuer ◆ Issuer's tightest spread since October 2024 ◆ Deal's 'reluctant reception' was 'a bit of a pity', says banker
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◆ Canadian bank had primary market to itself ◆ Deal offered small new issue premium, says banker ◆ EBC meeting expected to close the pipeline tomorrow
