Issues
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Discount to peers implied by price range was larger than the market expected -
Absence of new bonds to help secondary spreads grind tighter
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◆ Fashion retailer's first bond since 2023 ◆ Book peaks at €3.6bn ◆ VIA Outlets brings €500m green trade
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Kazakhstan's coupon was one of the lowest for an EM sovereign dollar five year in 2025
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First international Omani mandate for new entrant in DCM
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Owners of the bonds face a long route to a payout but have a precedent in sight
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Luxembourg-based steel maker and French spirits company get warm welcome
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◆ Sovereign prices just 1.7bp over US Treasuries ◆ Rarity and diversification attract investors ◆ International issuance picks up
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◆ Dealers pitched wide range of pricing ◆ Hard limit orders drop away ◆ Finnvera, IDA, Saxony bring euro mandates
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Five and 10 years more appealing, with ultra-long spreads deemed 'rather costly'
