Euro
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The Autonomous Community of Madrid has announced that it will sell its third benchmark of 2016. -
The Flemish Community of Belgium has announced that it will roadshow a euro syndication on September 26, while KfW has mandated three banks to sell a benchmark.
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The grins on the faces of Werner Baumann and Hugh Grant, chief executives of Bayer and Monsanto, look genuine enough. The deal they have struck could catapult Baumann to head of the world’s leading agribusiness company and net Grant a reported $226m.
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Winsconsin’s Spectrum Brands, the consumer products conglomerate ended a two day roadshow on Wednesday with the sale of euro notes that will repay dollar bonds, an uncommon transaction in the euro market.
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Debt collector Lowell GFKL — formed by a merger between the UK’s Lowell Group and Germany’s GFKL Group in late 2015 — hit the road to entice investors into its floating rate notes, which it will use to add a third company to the group, Germany’s Tesch Inkasso.
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US coatings maker Axalta on Tuesday sold a €450m bond to redeem its 2021 euro notes, a month after it redeemed its 2021 dollars, cutting its coupon by 200bp.
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A jumbo bond intended to refinance the debt of merged companies Quintiles and IMS on Wednesday added to a deluge of high yield issuance, with the market seeing €4bn of new bonds by Thursday.
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Bund yields are close to their highest point since the Brexit vote on June 23. It didn’t take much to push them out and it likely won’t last long, but SSA borrowers need to grab their chance to fund in maturities that don’t get much action these days.
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Kommunalbanken (KBN) on Tuesday took advantage of Lael Brainard's, a US Federal Reserve governor, dovish comments on US rates from the day before to eliminate any premium paid on its new five year dollar benchmark.
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HSH Finanzfonds printed its first ever public bond on Tuesday, attracting strong enough demand for two rounds of price tightening.
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US car rental group Hertz on Monday opened a two day roadshow for euros to refinance part of the debt of its European division and fund its operations.
