Issues
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◆ Slower deal appeals to ‘true covered’ buyers ◆ Slim premium paid over recent deals ◆ Deal is Italian lender’s first of its fiscal year -
◆ Deal follows last week’s $5bn five year ◆ Issuer pays its usual 2bp NIP ◆ Large SSAs race to get funding done
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Loans to strong credits in the Middle East are in high demand, banker says
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Slide away: downward sloping gilt curve drives up shorter spreads
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Investors commit to French capital raise despite moribund market
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◆ Deal takes size despite lower line availability ◆ Premium paid over comparable bonds ◆ Benchmark SpaBol’s second deal of 2024
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◆ Usual intraday strategy serves issuer well ◆ ‘Very limited’ new issue premium ◆ Sister institution ESM still has €4bn to raise
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More than 12 regional and global banks joined the facility as Middle Eastern companies find M&A appetite
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◆ Next to no premium needed for capped sale ◆ Demand holds firm despite price tightening ◆ Popular deal broadens investor base
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◆ Market open to all ranks of borrowers ◆ ING gathers €2.75bn funding at 5bp NIP ◆ Cajamar shows smaller borrowers can print flat to FV
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Caterpillar, National Grid North America sell bonds with minimal premiums
