Euro
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Increased investor interest in utilities hybrids could bring down subordination premium, says SSE treasurer -
Issuer further advances year's funding, now funded $10bn of $12bn current target
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Issuers are trying to plot their way through a busy schedule of central bank meetings this month
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Issuers seizing moment as rates stabalise and spreads hold near historic tights but some deals betray signs investors growing sensitive on price
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◆ Book shrinks as deal pushes tight ◆ Proceeds could refi upcoming call ◆ Senior retail denoms make defining a senior/sub spread tricky
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◆ Heavy coverage ratio and low attrition ◆ Investors attracted by extra spread versus KBC ◆ Adds more supply in heavy week for insurance capital
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The sovereign returned with a sizeable structured note
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◆ Hong Kong rail operator takes size with three tranche trade ◆ Tight spreads achieved across all legs ◆ Deal offers rare exposure to Hong Kong-based corporates in euros
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◆ Large order book with some attrition ◆ Fair value debated, with hedge funds spotting it tighter ◆ Investors turning more price sensitive, says lead
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◆ Busy couple of weeks the Spanish public sector ◆ Madrid, Andalucia also printed, Basque next ◆ 1bp of NIP paid on slightly softer day
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◆ Issuer builds curve out to 2033s in euros ◆ Seven year 'ticked a lot of boxes' ◆ Recent NIB deal good reference for pricing
