Location
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◆ Last euro syndication for 2025, done ◆ Good timing as usual ◆ Book is one of sovereign’s largest -
◆ US companies Pfizer and McDonald’s raise euros ◆ Pfizer pays zero concession but some thought it looked cheap ◆ McDonald’s cooks up almost €4.7bn book at peak
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◆ Joint biggest deal of the year attracts largest book since last May ◆ Final spread the tightest in almost a year ◆ Sterling offers saving compared with euros or dollars
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Only one Turkish company has offered a higher yield at initial price talk in the past two years
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The clean energy company has hit fair value
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UK government’s plan to force pension funds to allocate funds to specific assets goes against the pension industry’s core duty
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◆ Deal was Sparkasse Hannover's second in benchmark format ◆ Domestic demand drives deal but some international accounts take part ◆ Next to no premium paid
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◆ Demand solid across seniorities ◆ Hybrid regular Veolia moves into green structure◆ Swisscom shows investors also looking for thinly priced debt
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Utilities, healthcare and telecoms among the sectors highlighted as prime targets for consolidation
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◆ Auto companies reappear in European bond markets ◆ Demand is high for beleaguered sector ◆ BMW tightens three year spread by 40bp
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Books were more than six times the deal size
