Euro
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◆ Rare deal achieves 4.5 times subscription ratio ◆ Investors keen to buy German issuers ◆ Bankers hope German recovery will reopen wider European FIG market -
Renewable energy company sees four times demand for €500m no grow
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◆ Debut deal arrives two weeks after being mandated ◆ Anchored by a single order ◆ Small premium offered
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Issuer gets three times oversubscription in a trade that bankers said would hopefully ‘give people confidence’
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Higher rated DSM also has smooth ride, as corporate market continues to pump out solid trades
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◆ RBC opts for FRN despite ‘diminished investor appetite’ ◆ Favourable arbitrage for issuer ◆ FRN demand ‘always there’ for ‘higher rated issuer’
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◆ Small premium needed to reopen the market ◆ June supply approaches record low ◆ More deals set to follow
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◆ Reopening of AT1 reflects ‘recovery of risk sentiment’ ◆ Final order book above €6.7bn ◆ Deutsche Bank ‘tainted’ the AT1 market, say rivals
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Euro and dollar SSA supply set to pick up from Tuesday
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◆ Deal expected to ride on ‘corporate optimism’ ◆ Bankers say ‘backdrop is constructive’ ◆ Secondary market offers ‘tailwind’
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◆ German lender preps first euro covered in two weeks ◆ Defensive tenor chosen ◆ Market unsure how much read across reopener will have
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Highly rated names land smooth trades after investor demand showed signs of weakness for corporates last week
