Location
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◆ Longest euro benchmark from a Canadian province ◆ Investor demand for spread over European SSAs ◆ Building a curve and paying a premium -
◆ Spread tightened by 4bp ◆ Pricing judged to be in line with euros ◆ A more modest book than previous record breaker
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◆ Price sensitivity returns as deal premium shrinks ◆ Final book dropped by more than half ◆ Deal did not go as well as TfL's sterling trade, say bankers
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◆ Oversubscription lets leads skip guidance ◆ New issue premium in low single digits ◆ Solid bid despite CEO uncertainty
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◆ German state's last benchmark this year ◆ Tightest Länder seven year in 2025 ◆ International demand dominates book
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Abu Dhabi's super tight spread opens up the possibility
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African sovereign 'always' finds big demand, said one observer
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Sovereign to price bonds through Saudi Arabia, but back of Abu Dhabi and Qatar
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Banks, infrastructure, urban development and the energy transition all areas of focus
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◆ Some investors pass over ESG but other factors prove a lure ◆ Orderbook more than three times deal size at peak ◆ Attrition as spread tightened
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◆ No premium needed for 'well-funded' name ◆ Final book the biggest in four weeks ◆ Deal attracts strong asset manager bid
