Euro
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◆ Book holds firm throughout pricing ◆ Recent comps lead to different fair value assessments ◆ 3% coupon appeals to high quality investors
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Syndicators do not expect an easy ride but are hopeful inflows remain supportive
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Intraday alll the way as eurozone and non-eurozone covered issuers consider market
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◆ Third Länder trade priced in turbulent week ◆ Encouraging deals show ‘there are clearly windows’ ◆ What next week looks like
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European capital market participants quite rightly remain unconvinced that the 90 day reprieve is anything to cheer
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◆ 10 year 'surprise' reopens euro covered market ◆ Concession needed to seal the deal ◆ Trade lands through OATs
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◆ Blistering demand in euros and debut sterling for Australian name ◆ Spread thunders in by 40bp ◆ Doubt that this level of investor demand will continue for others
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◆ Quick into market after Trump pauses tariffs ◆ Lands close to fair value ◆ Defensive tactics in bookbuilding
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Investors selling into secondary market bounce
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SSA market most bullish but some in credit, emerging and equity markets still unconvinced anything has changed despite 90 day tariff reprieve
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Window for unsecured FIG syndications closes once more
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Recent Länder trades shed some light on primary market for covered bonds