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◆ Italian bank increased benchmark size to €750m ◆ Deal expected to perform in secondary ◆ Covered was one of two issued on Thursday
◆ Canadian bank lands tightest euro covered this year ◆ Further Canadian issuance on the day ◆ Banker on the deal said tranches were priced just inside fair value
◆ Austrian bank's first covered in nearly two years ◆ Both tranches offered 5bp of NIP says banker ◆ Modest 3bp tightening reflects 'normalisation' of covered market
◆ German bank secured spread tightening across tranches◆ Banker said first tranche offered small NIP but second had nothing ◆ Tuesday’s deals failed to deliver the spectacular order books of last week
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Interest was driven by a higher than usual proportion of international demand
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The transaction was priced flat to more established names
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With Tuesday’s deal, Crédit Agricole will have fulfilled slightly more than 60% of its funding plan for 2022
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Flood of cash came into the deal early on due to pent-up demand
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Rising swap rates open opportunities for arbitrage at attractive yields
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TD issues the first euro five year Canadian deal in six weeks and its first euro deal in two years