Euro
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Electricity company prioritises price but still raises €850m -
◆ Issuer committed to cancelling as much old capital as possible ◆ Buying back above par ◆ All buying-back thanks to new AT1 providing capital optimisation
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Compatriots' recent deals helped provide clarity on pricing
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◆ Deal expected to come wider than peers ◆ Wider spread likely to mitigate investors asking for shorter maturities ◆ Will be issuer's second covered bond ever
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◆ Strong final outcome gives hope to others ◆ Core issuers aim for investors' 'sweet spot'◆ Bookbuilding shows buyers having the 'upper hand'
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Demand for ADR swells to more than four times oversubscribed
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◆ Domestic and international investors split over price ◆ Final spread strikes balance between differing spread opinions ◆ Debut deal attracts highly granular book
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Paying up is hard to do, but it is sometimes worth the pain to ensure funding certainty
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Holding company bonds battered: so far, secured bonds are only scratched
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'Relief rather than fear' for investors missing higher yielding deals as they dodge deals from minnows in favour of benchmarks
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Novel approach to upcoming hybrid call proves a hit
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Borrower has no plans to get a rating or issue another bond this year
