EMEA
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Sustainability-linked deal refinances two deals early -
◆ Large book, small concession ◆ Merz stumbled on the path to power ◆ 'Remarkable stability' in Bunds
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◆ Small books do not mean small deals ◆ Norwegian trade lands tight to Pfandbriefe ◆ Next to no premium paid
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◆ Storied real estate company opens books after ratings downgrade ◆ New issue concession in the low single digits ◆ Investors keen to buy cyclical names
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◆ Deal is the first Austrian benchmark since January ◆ Slim premium paid ◆ Austrian supply down due to lower loan growth
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The gold price has jumped by 7.5% since it first unveiled plans to issue
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Lenders in Nordics say there is pressure to sign deals before 90 day US tariff reprieve ends
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Issuer was originally looking at a $1bn trade but found healthy demand
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Fiserv and Visa print across the curve with more tipped to come
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Initial interest came from the bookrunners
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◆ Swap spread stability enables large $5bn trade ◆ Spread to US Treasuries gets squeezy ◆ Alternative executions considered but not needed
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The company has refinanced and increased its loan by another €100m
