Europe
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Agency has funded around 50% of its €65bn-€70bn programme -
Issuer takes big size ahead of blackout, offering ‘right’ products to investors
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◆ State raises €625m as markets sink ◆ Spread hungry bank treasuries drive demand ◆ 7.5bp pickup over KfW
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All bonds printed this week, except Fresenius’ blowout short maturity deal, trade below water
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Capital markets banker returns from US to take over Ponsonby's remit and more
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◆ Finnish deal delivers size ◆ Trade already spotted tighter in secondary ◆ Finnish supply lagging 2024 year to date
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◆ Shorter deal proves more popular ◆ Both tranches price near the same Bund spread ◆ Small pick up to Länder offered
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◆ Shorter tranche favoured but both tighten by large amounts ◆ Market seems ripe for other issuers ◆ Eyes now turned to US tariffs announcement
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Focusing on absolute emissions is a big plus, said one observer
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Clear success of Tuesday's euro corporate bond issues should give others confidence
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◆ Fresenius, Danone and Proximus benchmarks shake off tariff turmoil ◆ Range of new issue concessions needed ◆ High orderbook attrition for those pushing hard on spread
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Volume and demand rising as spread attractiveness to swaps increases
