Germany
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◆ Only €5bn left of €80bn funding task ◆ Dollars and smaller currencies on the menu ◆ ‘Right demand, right product, right time’ -
◆ Five year deal planned ◆ Savings banks to drive demand ◆ Deal to harness interest for high spread German paper
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◆ Deal attracted strong official institution interest ◆ Borrower faced some limits at 40bp ◆ Low single digit concession paid
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Relief that the first European IPO after summer has grown in the aftermarket, though not without large concessions
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Falling interest rates push spreads wider
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BNP Paribas took Pirelli and Citi took Renk as shareholders exited and trimmed stakes on Tuesday night
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Wide discount, good comparables and predictable model lured long-only accounts into Springer Nature’s books
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Slow start to the week but larger borrowers, including EIB, expected to join in
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◆ Deal follows recent tier two success ◆ Issuers 'need to be fair' when approaching market ◆ LBBW announces Berlin Hyp rebrand
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German state has wrapped up fixed rate programme, with just one FRN left for the year
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Publisher's early progress encourages IPO market as sponsor-backed pipeline builds
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Scientific publisher to be first to price autumn IPO, begin bookbuilding on Tuesday for year's third flotation in Germany
