Europe
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◆ Oversubscription lets leads skip guidance ◆ New issue premium in low single digits ◆ Solid bid despite CEO uncertainty -
◆ German state's last benchmark this year ◆ Tightest Länder seven year in 2025 ◆ International demand dominates book
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◆ Some investors pass over ESG but other factors prove a lure ◆ Orderbook more than three times deal size at peak ◆ Attrition as spread tightened
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◆ French utility skips guidance, boosts size ◆ Bid eradicates new issue premium ◆ P3 Group adds to green slate with a €500m 7.5 year
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◆ Demand sticky despite tight spread ◆ Next to no concession offered ◆ Pick-up to SSAs not a concern
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‘Long overdue’ upgrades not a surprise, but a relief, market participants say
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More social deals to come, in dollars or euros
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Strong captive green demand keeps euro benchmark books sticky
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Sovereign achieved ‘significant milestone’ but market participants hope to see more
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◆ Insurer sells first RT1 before calling legacy tier one ◆ Priced close to or through fair value ◆ Investors bullish on Italy
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Taxonomy alignment grows, making EuGB label possible
