EMEA
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Despite the latest legal development being ostensibly market pleasing, many feel little reason for cheer -
Banks encouraging investors to lend to cut out competition from other banks
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Issuer hopes to raise €750m from sustainability bond, likely a 10 year, after summer following this week’s large print
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EM investors may be happy to see some senior supply after glut of tightly priced AT1
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◆ Final spread looks attractive for a sub-benchmark deal ◆ Book almost five times covered ◆ Low single digit concession offered
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◆ 'Special trade' for the Dutch agency ◆ Bankers agree on NIP ◆ AIIB trade gives demand signal
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◆ ABN eyed traffic jam ◆ NIBC competes with popular names ◆ Pekao manages book sensitivity
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◆ Five year tranche more demand than 10 year ◆ Different NIPs for each tranche ◆ Sizes beat expectations
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◆ Deal attracts largest SSA book since Feb ◆ Issuer follows usual pattern ◆ Strong macro, interesting RV
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◆ Issuer sees sizable orderbook attrition ◆ Trade looks to pay single-digit new issue concessions ◆ Deal flow to dry up from today
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◆ Mining firm's biggest euro deal since 2020 ◆ Premium appears negligible ◆ Other challenging names could follow
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The West Midlands airport is the seventh largest airport in the UK and third busiest hub outside of London
