EMEA
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◆ Largest coverage ratio for almost three months ◆ Priced flat to fair value ◆ Slow pipeline predicted for rest of week -
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The bank is the largest in the country and a close proxy for investors to the government
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Public sector issuance is expected to resume at pace this week
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◆ German grid funds capex drive with dual tranche hybrid ◆ Demand holds firm despite aggressive tightening ◆ Deals land close to fair value
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◆ 12 year tranche is longest euro trade in weeks ◆ Issuer goes for price then size ◆ Some concession needed for dual trancher
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The subordinated debt premium was smaller than that offered by some other EM hybrid issuers
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At London investor day, supranational reveals deals and plans for new funding and investments, including fully African project financing
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Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
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Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
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Switch auctions to make comeback as DMO chief discusses record breaking deal and 2026-27 funding
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◆ Sydney Airport and Indigo print single tranche euro deals ◆ Each deal pulled in peak books of more than €4bn ◆ Tight pricing shows investors still favour defensive credits
