EMEA
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◆ Issuer maxes out on size ◆ Short dated dollars made sense ◆ $6bn done so far, more to come -
The financing follows the completion of site's construction
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Investor relations efforts and euro demand help issuer price at ‘ambitious but not unrealistic’ level
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◆ German supermarket chain brings three and seven year bonds ◆ Books keep growing even with guidance flat to fair value ◆ Volumes tipped to nosedive after this week
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◆ Largest deal and book sizes ◆ Strong demand for German SSAs ◆ Fairly priced after 2bp tightening
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Deal reflects ‘new paradigm’ in SSA market where spreads to US Treasuries grind ever tighter
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The $4bn triple-tranche trade came a week after Hungary upped its overseas funding target for 2025
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Demand peaked at $1.6bn, allowing Axian to reduce the yield by 50bp
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Neinor Homes' €225m equity issue six times oversubscribed
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The loan was provided by a triumvirate of banks
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◆ Thames Tideway Tunnel brings rare blue bond… ◆ …and a rare IG corporate sterling bond ◆ Deal lands with single digit concession
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◆ First €1bn three year Länder since end-2023 ◆ Deal prices in line with recent EIB, ESM in primary ◆ Secondary spread pick-up still attracted €1.5bn book
