Europe
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Demand picture for long-dated paper still uncertain after Jackson Hole meeting -
Jumbo M&A related financing is one of the biggest trades of 2023
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Mandates line up with BBB- rated issuers pouring into market
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◆ Investors fly to bank's deeply subordinated execution that 'ticked all the boxes' ◆ Allianz to pick up sub debt baton with dollar tier two
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CEE bank bonds have done well in secondary since the last bout of supply in June
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Reluctance to show hands has led to smaller books and higher concessions
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Whether to push on with supply or take a break divides participants
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Deluge of deals coming, but demand could quickly become exhausted
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European deals will need to attract institutional anchors, and keep away the hedge funds
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Fears of contagion from Chinese defaults yet to shake sentiment
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Borrower lands short maturity deal with single digit concession
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Sobi plans to repay debt from an acquisition through a non-underwritten rights issue
