Europe
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◆ Gigantic book for Spain ◆ Finland also soared on demand ◆ Austria or Germany next? -
◆ Book falls €1.5bn from its peak ◆ Offers small pickup to SSAs ◆ Trade lands flat to fair value
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Newly rated supermarket group receives €3bn orders for €500m deal
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Books were over $2.5bn in the early afternoon
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The facility's ESG features will be finalised before the end of the year
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◆ Sovereign sells €10bn bond into record demand ◆ First syndication since last year’s political woes ◆ 'Strong demand for French bonds and trust from investors,' says issuer
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◆ 'Extremely strong' euro market ◆ Trump inauguration creates good window? ◆ Relative values drive book
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Borrower is four times subscribed in first deal since tough outing in 2020
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Bulk of financing for sector is new money, rather than refinancing
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◆ Book supports large deal despite attrition ◆ Belgian scarcity makes finding fair value tricky ◆ 1.5 day execution chosen to aid price discovery
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◆ Deal the largest single covered bond tranche in euros this year ◆ Single digit premium paid ◆ French issuers make the most of flat belly of the curve
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◆ Size on upper end of DMO's expectations ◆ Minimal new issue premium ◆ Gilt to be auctioned next month
