Euro
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With covered bond new issue premiums in decline, French banks issued short and long dated tranches as more issuers prepare to print -
Structure’s pioneer heads out to furthest end of curve
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Rarer names and currencies are proving popular with investors
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Issuers are squeezing every last drop out of the buoyant primary FIG market with Nordic borrower bringing a deal on a Friday but widening suggests bigger NIPs coming
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French issuer prints with 2bp-3bp NIP amid strong FIG primary market
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The multilateral issuer intends to fund in euros at least once a year after the currency proved more cost-efficient than dollars this week
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Pricing not too hot, not too cold but just tight as deals across capital structure land close to, or even through, fair value
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Refinancings are picking up after slow start to the year
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Spanish lender raises new tier two debt 200bp below the reset spread of its old bond, callable in December
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Bumper books allow banks to make some ‘aggressive’ price revisions
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The Lux-based supranational reaches halfway point in funding programme as it and half a dozen public sector peers fund in ‘incredible’ market
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German agency makes most of red hot dollar market
