Euro
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UK pharma latest high rated company to hit the euro market this week -
Rising dollar funding costs for European banks and the Libor transition drive up margins
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Super-tight pricings continue but issuers shy away from long end
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… as long as it’s for the right price
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Dutch issuer’s success suggests long term investors are looking to add riskier debt
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A hefty yield, the issuer’s improved earnings and the choice of a defensive structure lured investors to MPS’s deal and could encourage other issuers
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Pricing on the 10 year tranche was ‘very close to, if not at, fair value’
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The sovereign plans to add to an existing 30 year benchmark
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Issuer prices deal with 2bp-3bp of concession but views divided on fair value
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A lacklustre earnings season and competition from other markets could see spreads bounce wider
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The premium on BPCE’s new senior non-preferred bond was estimated to be around 10bp higher than it paid last month
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German lender’s spreads expected to tighten thanks to its strong underlying credit quality
