Euro
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Senior issuance to come to the fore as higher rates deter covered bonds and subordinated funding -
The more spread the better amid violent market moves that mean opportunists will prosper
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Euro and sterling trades hard to evaluate but still get over the line
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◆ UK life insurer doesn't fully cover €500m seven year note ◆ Syndicate struggles to tighten as demand falls short ◆ Volatility and lack of name recognition blamed
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◆ Investors support deal after physical roadshow ◆ Pricing within expectations, with around 10bp pick-up to other German banks and 'max' 10bp NIP
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Issuer was reasonable about pricing but did not stop bankers from worrying about backdrop for future supply
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Issuer builds book three times the deal size
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◆ Senior deals beckon if volatility subsides ◆ Hamburger Sparkasse pricing likely to be unaffected by higher rates ◆ Covered bonds more affected by rate swings
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◆ Unsecured issuance to resume from Wednesday ◆ Infrequent and rare issuers fill pipeline ◆ Pre-funding national champions may compete
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New retail government bond sale draws in €4.8bn of demand on first day
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Crossover issuer mandates its debut green deal after a brace of SLBs
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Issuers use quiet days to market, aiming to launch later in week
