EMEA
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◆ Wendel’s decision to refinance bonds early pays off for company ◆ Demand for €500m trade hits €3.1bn ◆ Spread thunders in by 38bp during bookbuilding -
Sentiment towards affected major banks improves but major ratings agency judges overall situation credit negative
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Deal is a mix of green private placements, term loans and revolving credit facilities
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Borrower refinancing 2027s to take advantage of lack of competition in bond market
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The emirate has not printed in the public markets since 2024
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Activity brewing suggests loan deal making will pick up later this year
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Second tier issuers already eying September for deals
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French banking groups seen as most likely candidates to step up capital issuance from their insurance arms
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UK water companies rally as Cunliffe review promises seismic change
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◆ 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
