Issues
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L&G's head of portfolio management on everything equity release after debut deal -
UKPN purchase seen as positive by rating agencies, leads to senior and hybrid upgrades
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Spread on the triple-A rated notes is 8bp tighter than for the issuer's recent deals
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EU regulator to weigh competing governance and cost models
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Trade was the largest so far from the Dubai property developer
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Issuers and investors drop clues about esoteric ABS trades
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◆ Deal spans euros, sterling and dollars ◆ Wide range of US TMT comps used ◆ Slim premiums needed for euro tranches
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First equity-linked issue in over a month
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Total €11bn already raised so far as issuer enjoys greater execution flexibility
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Sovereign also added $300m to a long-dated dollar note
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◆ NAB executed at 30bp over mid-swaps threshold ◆ Banker said deal was 'in line with what was expected' ◆ Leads chose three Canadian covereds as comps
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Deal priced with 3bp premium to ING's Green Lion 2026-1
