Europe
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Choice of 10 year tenor key to success, says DMO -
Chocolatier gets sticky book for first trade since S&P downgrade
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◆ Skinny new issue premium ◆ Deal 10 times covered ◆ Pricing with EU not a challenge
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The company is believed to have added three institutions to its lending roster of relationship banks
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◆ Large size ◆ Pricing ‘on the money’ ◆ Getting squeezy versus OATs
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◆ Note is the issuer’s first in euros since 2022 ◆ Slim pick-up paid over larger peers ◆ Little impact from upcoming merger
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◆ Deal is TSB’s second in euros ◆ Minimal concession paid ◆ Bond offers single digit spread over UK peers
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The Swiss company’s refinancing has support from more than 30 banks
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Chocolatier includes junk rating coupon increase in marketing dual tranche euro trade
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◆ Record book and deal size ◆ Investor demand 'at odds' with media headlines ◆ Key BoE actor clears up position
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◆ Issuer initially targeted price over size but achieved both ◆ Makes sterling debuts look easy ◆ Positioning for UK membership?
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◆ Three big SSA syndications scheduled for Tuesday ◆ EU and Italy on the same day, again ◆ UK to bring second to last syndication this FY
