Europe
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◆ Real estate name builds on Vonovia’s jumbo trade this week ◆ Deal lands at the tight end of guidance ◆ Single-digit concession spotted -
Tighter margin loan a 'sign of things to come' for infrastructure lending
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Internal and external moves revamp French bank's IB team
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◆ First unsecured deal in 10 months ◆ Spread on offer ◆ PBB looking to make net profit this year following 2025 net loss
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◆ Three German states brought a new Joint Länder bond ◆ No book update, KfW curve guides pricing ◆ Flemish Community prints new 15 year
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◆ Second Swiss cantonal bank to fund in euros this year ◆ Slow bookbuilding for a tight credit ◆ Premium paid
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◆ Royal Mail owner prints across four and seven year bonds ◆ Shorter tranche draws stronger demand and larger size ◆ Premiums required as investors grow more cautious
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Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
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◆ Half-year close keeps some issuers on sidelines ◆ Bankers expect big euro supply to come ◆ More concession on pricing could be required
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◆ Scottish Hydro tests long-dated sterling demand ◆ Tight pricing limits further tightening from guidance ◆ Cadent extends its euro curve with 10 year trade
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◆ German utilities taps improving bond market ◆ Demand holds firm across six and 11 year tranches ◆ Fair value debated
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Deal looks to satisfy demand for highly-rated long-dated covered bonds
