EMEA
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Issuer leaves more NIP than earlier this year, as order sizes shrink after busy May and June
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‘Notably better’ spread cements sovereign’s standing, thanks to triple-A rating and solid fiscal position
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◆ Issuer taps euros, sterling and dollars across 13 tranches ◆ Second deal for NTT this year ◆ Premiums needed to sweeten the size
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Most of the demand came from local investors, as one banker expected
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◆ Bermuda-based insurer ends two year tier two absence ◆ Borrower marketed as 'new credit' after UK M&A deal ◆ Outperforms other FIG deals on Tuesday
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Price was 'way off' fair value, according to a source on the deal
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All as expected by the market, but lack of more details regarding bill issuance somewhat disappoints
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◆ Deal 'tight from the outset, but deliberately so' ◆ Slim concession paid ◆ Washington supras in dollar focus
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◆ German agency taps bond from 2024 ◆ Line reopened was ‘interesting’ but considered expensive by some ◆ 'No huge NIP' to start with, but book grew after modest tightening
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◆ First senior euro trade of the week ◆ Small premium paid ◆ Bond already performing on Tuesday afternoon, says rival banker
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◆ Italian utility hits six year spot ◆ Rare blue label helps draw attention ◆ Gasunie stretches out with €650m bond
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◆ French agency prints last benchmark of the year ◆ Book tops €4.6bn despite thin hedge fund participation ◆ New issue concession estimated