Euro
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Investors have swarmed to FIG FRNs despite looming interest rate cuts -
Rates backdrop causing greater order book attrition in dollars as spreads grind tighter in euros
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Issuance to pick up, but funding officials could favour more attractive senior unsecured deals
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Blowout early issuance volumes as market prepares for ’10 month year’
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Latest Canadian issuer in euros finds little competition
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Companies increasingly bringing funding plans forward to avoid political risk
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◆ BMO final orders drop by €1.4bn as issuer ‘solved for optimal price’ ◆ Tightening of final spread ‘cost them some orders’ say rival bankers ◆ ‘A great trade’ that was ‘priced at pinpoint’ according to a syndicate lead
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◆ Issuer notches sharpest tightening since rebranding to land €500m three year close to FV ◆ Virtually no investor drops ◆ BFF Bank may launch social debut on Friday
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Rare name sends spreads hurtling tighter during bookbuilding
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◆ Bankers away from syndicate praise the outcome ◆ ‘A good test’ for next week when volumes are expected to increase ◆ Recent volatility reflects ‘recalibration, not reassessment’ of risk
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Residential real estate company cruises through despite billions in losses
