Europe
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◆ Booking raises €1.9bn across three legs ◆ Amphenol prints €1.1bn dual trancher ◆ Both deals land near fair value -
◆ Dutch bank goes 'head to head' with Alphabet in euros ◆ Brings its longest ever opco tranche ◆ Book skewed towards two year FRN
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Mandates from Eurofima, Germany, Wallonia and the Free State of Thuringia
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◆ Pricing was tricky after Hamburg’s recent five year ◆ Is 7bp the new magic number for Länder? ◆ Five year demand lacking, Thuringia to test 10 year
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◆ Issuer punches through 200bp ◆ Some concession still needed ◆ First domestic sterling deal in almost two weeks
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Maxima and České dráhy are prepping euro notes
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◆ Issuer makes solo appearance in euro corporate bond market ◆ Spread tightened by 32bp ◆ Final pricing lands close to fair value
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◆ 'Real money' order book supports €1bn size ◆ 'Not much' delta between Nordic names, lead says ◆ Up to 5bp of concession
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◆ Lead managers propped up order book ◆ Spread to other Länder 'needed more buffer' ◆ Limited read across to other SSA deals
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◆ Small premium left for investors ◆ Final yield close to 4% 'inflection point' ◆ Rabo adds to senior green rush
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◆ Window was 'most important part of transaction' ◆ Fair value estimated ◆ Amount of spread tightening 'become more common'
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New issue premium was zero, agreed those on and off the deal
