Euro
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Four tranche deal could raise at least €2bn -
◆ No book update for €500m no-grow deal ◆ Surprising lack of demand for defensive trade ◆ Investors continue to cherry pick in big week for supply
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Sovereign curve has rallied since Orban left after 16 years in power, but Hungary is in a fiscal hole
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Fixed price of €10 a share implies market cap of €1.01bn
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Rare case of cleaning up residue senior debt after tender offer may incentivise other issuers to follow
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Recent Unicaja tender and new issue prompts talk of wider adoption of debt management technicque more popular in US market
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Franco-German tank manufacturer said it would wait until market conditions stabilised
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Strong demand with book covered shortly after launch, says banker close to trade
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Yield-hungry investors and global issuers return could broaden sterling supply in H2
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After the busiest June since 2010, banks are well progressed in the covered funding programmes
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◆ Spread to Land Hessen key to pricing ◆ Leads thought long and hard on whether to tighten ◆ 1bp move the right amount as book grew
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◆ Euro leg forms part of near-$5bn triple currency senior funding salvo ◆ First euro senior pref fixed rate offering from the bank since 2023 ◆ Limited concession paid
