Europe
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◆ Book peaks at almost four times covered ◆ No worries over repeat visits ◆ Chorus offers rare Kiwi corporate paper -
◆ Final book under €800m ◆ 'Low single digit concession' ◆ 'Trickier' for German LBs in senior than covered
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◆ New issue premium estimated ◆ Partial pre-funding ◆ Baden-Wuerttemberg 'through fair value'
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More subordinated bonds have come from CEE this week than in all of 2024
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◆BPCE seizes moment in 'very volatile' market ◆ Book supports larger £400m size ◆ Fair value debated
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◆ Order books rise above €21.9bn at launch ◆ Longest maturity draws biggest bid ◆ Mitsubishi taps short end with €500m deal
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◆ Attractive pick-up to KfW and other peers ◆ Atypical tenor no trouble ◆ SSA appetite strong
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Poland's second tier two deal and Romania's debut sub debt may come this week
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British-German publisher is a first-time Schuldschein issuer
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Banker worked on the first major SLL
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◆ Deal is the year's largest single tranche covered bond ◆ Order book reached €3.5bn by mid-morning ◆ Banker said covered bond market 'getting trades done at size'
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◆ Italian bank amasses €3bn-plus book for second covered of 2025 ◆ Bond issued at 45bp in line with Italian BTPs ◆ Bank said order book improved through the morning
