Europe
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◆ Deal makes ‘good sense’ from an arb perspective ◆ First time out in sterling for more than a year ◆ £350m deal size larger than expected -
◆ Deal is third Austrian sub-benchmark in three weeks ◆ Seven years a sweet spot for investors ◆ Austrian supply down from last year with a rush of supply not expected
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Company is evaluating equity bids
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Issuer slips a notch as debt to regulatory capital metric worsens
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Irish agricultural supplier has tied loan to sustainability targets
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◆ German Länder used to guide pricing ◆ Book holds firm as deal lands tight ◆ Wave of 15 year supply unlikely, but 10 years a possibility
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◆ Curve repriced significantly since January ◆ Bond prices tight after spread moves 2bp ◆ Lower Saxony borrows with nine year
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◆ Supra manages 3bp of spread tightening ◆ EGBs sold off across the board ◆ Concerns grow on Europe’s defence spending headache
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Deal replaces facility due to mature next year
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◆ Deal lands flat to recent Pfandbriefe ◆ No concession needed ◆ Tight domestic spreads drive Nordic investors towards euro prints
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Deal set to be the longest euro covered bond since May last year
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Company outlook moved to negative though it remains investment grade
