Euro
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Priced tranches hit double digits as issuers pile in -
Dollar strength shines through with euro deals lacklustre
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◆ Investors prefer senior preferred paper ◆ Rich non-preferred still a good option for issuers despite lower demand
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Jumbo M&A related financing is one of the biggest trades of 2023
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Mandates line up with BBB- rated issuers pouring into market
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◆ World’s oldest bank scoops €500m with latest deal ◆ Only 25bp of concession needed to seal senior sale ◆ Bank faces second half MREL shortfall
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◆ Investors fly to bank's deeply subordinated execution that 'ticked all the boxes' ◆ Allianz to pick up sub debt baton with dollar tier two
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Reluctance to show hands has led to smaller books and higher concessions
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Deluge of deals coming, but demand could quickly become exhausted
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Fears of contagion from Chinese defaults yet to shake sentiment
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Borrower lands short maturity deal with single digit concession
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Pricing tension rising at the edges of the market as money lured into public debt
