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Investors still have cash to spend as long as the price is right
Interest from assets managers led the German bank to issue a rare fixed rate sterling deal
◆ Dutch bank raises A$1bn via local branch ◆ Aussie covered supply significantly down ◆ Tight senior/covered spreads push local major banks elsewhere
◆ German lender raises £325m with rare fixed rate note ◆ Calculating fair value 'hard' ◆ Leads looked at euro covered and sterling senior unsecured comps
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◆ Final books not disclosed ◆ Small premium paid for tight trade ◆ Some investors face line limits
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Triple oversubscription drives price 15bp inside initial guidance
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◆ Demand 'surprised to the upside' ◆ Deal attracts largest final book since August ◆ Trade spotted 2.5bp tighter in secondary
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◆ Issuer eyes further outings ◆ Book closes in excess of €820m ◆ Multi-day marketing period supported demand
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◆ Deal tightens 6bp thanks to strong book ◆ ‘Confusing’ comps make spotting fair value tricky ◆ Trade fills empty spot on the curve
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◆ ESG accounts provide early orders ◆ Granular treasury accounts fill up book ◆ Deal comes close to fair value