EMEA
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Chocolatier gets sticky book for first trade since S&P downgrade
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Higher than expected inflation sent yields more than 10bp higher
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A full implementation would mean radical change for issuers and investors
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◆ Skinny new issue premium ◆ Deal 10 times covered ◆ Pricing with EU not a challenge
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The company is believed to have added three institutions to its lending roster of relationship banks
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◆ Large size ◆ Pricing ‘on the money’ ◆ Getting squeezy versus OATs
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◆ Note is the issuer’s first in euros since 2022 ◆ Slim pick-up paid over larger peers ◆ Little impact from upcoming merger
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◆ Deal is TSB’s second in euros ◆ Minimal concession paid ◆ Bond offers single digit spread over UK peers
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The Swiss company’s refinancing has support from more than 30 banks
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Super-tight trading makes it a difficult buy for some internationals
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Chocolatier includes junk rating coupon increase in marketing dual tranche euro trade
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◆ Record book and deal size ◆ Investor demand 'at odds' with media headlines ◆ Key BoE actor clears up position