EMEA
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◆ Issuer prints €2.25bn across two tranches ◆ 10 year tranche solidifies returning long end demand ◆ Slim premium needed on both tranches
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The spread over the sovereign could be as little as 10bp-15bp
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Limiting the trade to $500m meant the issuer could get inside fair value
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£900m equity raise plans come as Southern tries to save its investment grade rating
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◆ French bank speeds up funding plan to meet eager buyers ◆ Initial deal eyed for second half of 2025 ◆ Higher spread to frequent issuers attracts
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◆ Spanish region lands tight versus govvie ◆ Well sought-after deal despite squeezy spread ◆ Strong technical continues to support Spanish (and French) SSAs
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◆ Joint Länder trade raises €1bn ◆ JLMs help cover deal ◆ EGB sell-off deepens
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Damac boosted the size to $750m from earlier guidance of $600m
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◆ Deal makes ‘good sense’ from an arb perspective ◆ First time out in sterling for more than a year ◆ £350m deal size larger than expected
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◆ Deal is third Austrian sub-benchmark in three weeks ◆ Seven years a sweet spot for investors ◆ Austrian supply down from last year with a rush of supply not expected
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Company is evaluating equity bids