Euro
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◆ Fair value debated ◆ International account interest ◆ Big 'curiosity' on use of proceeds -
◆ Relative value against covereds is important ◆ Spread 'could have been pushed more' ◆ Lack of SSA supply a factor
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◆ First UK bank to issue euro AT1 since 2020 ◆ Orders exceed €8bn ◆ Signals investors 'want duration'
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Strong demand for slim supply could tempt issuers to access the market before Christmas
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◆ Combined demand peaks at more than €5.1bn ◆ Yield curve drives investors towards seven year ◆ No premium needed to hit size targets
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London-based hire will also work on financing for infra sector sponsors
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Orders five times the original deal drove size boost
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◆ UK telecom finds 'sweet spot' at seven year tenor ◆ Peak demand exceeds 4.5 times deal size ◆ Size increased on firm demand
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Short-dated, highly rated SSAs could trade tighter amid hopes of the US government shutdown ending
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Spread moves not done yet, warn analysts
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◆ Dealers slow to adjust Länder secondary pricing ◆ 'A lot of discussion' on order updates ◆ Covereds trade tight to Länder
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Market participants spot first signs that ever improving funding conditions may be over
