Location
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Investors feasted on the first international bond from the global mining giant -
Rachel Reeves's first Budget needs to pass the Truss test and avoid spooking the Gilt market
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Leads had clear sight of demand before launch and top 20 accounts took most of the deal
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◆ Only €5bn left of €80bn funding task ◆ Dollars and smaller currencies on the menu ◆ ‘Right demand, right product, right time’
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◆ Euro covered priced inside dollars for Canadians ◆ Small premium paid ◆ Infrequent funder 'in the pack' with peers
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In highly concentrated book, top 20 investors take 90%
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It has been nearly three years since last corporate bond debut on the continent
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◆ Five year deal planned ◆ Savings banks to drive demand ◆ Deal to harness interest for high spread German paper
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Shopping mall company received a blowout response to its £400m bond last week and good take-up of a tender offer
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◆ ‘Blow-out book’ for regional issuer ◆ Attractive spreads versus swaps, OATs ◆ Minimal new issue premium paid
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◆ Book falls €150m from its peak ◆ Leads pledge €107m ◆ Single A deal tricky to compare
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