Location
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◆ Record size, record book and record investor offers ◆ UK financial year syndication target 80% complete ◆ Demand diversity ‘very notable’ -
Borrower explains August's bond for loan swap
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◆ Issuer takes £750m with first deal since 2021 ◆ Trade the joint tightest three year deal of 2024 ◆ Small premium paid
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Demand came from a diverse group of investors, said one lead
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Demand peaked at nearly $15bn for a $4bn trade
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The spread CEE banks are offering versus the eurozone periphery issuers is attracting investors
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New issues this week have been priced impressively but some warn underlying conditions are not as robust as advertised
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Borrower looks to have paid modest concessions after credit markets opened wider on Wednesday
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◆ No book size revealed ◆ Issuer braves volatile market ◆ Short end of curve tricky to navigate
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◆ UK lender takes £500m ◆ Deal land single digits back of recent supply ◆ No-grow size supported demand
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Turkish issuers continue to pay little or no new issue premiums
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Public markets have proven to be often just as illiquid, leading to a convergence in approach
