Location
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Financing consists of three tranches of loan facilities -
◆ Belgian investment firm returns after two-year absence ◆ Strong 10 year point draws hefty demand for extra spread ◆ Orderbook attrition stays low
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◆ German state brings fresh paper after KfW sets benchmark ◆ Appropriate spread to KfW dominates discussion ◆ Has market weakened from last week?
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◆ Sovereign's first syndication this year may not be its last ◆ Book of ‘great quality’, lots of top tier demand ◆ ‘Defensive’ approach after sovereign outperformed
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◆ Deal came on busy day with €13bn of volume across secured and unsecured FIG issuance ◆ €2.1bn final book ◆ Flat to fair value or even negative concession
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◆ Issuer had contemplated 12-15 year euro deal ◆ Pushing through fair value was discussed ◆ Aussie dollar a 'win-win' while sterling 'on our minds'
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More digital bonds are expected from the region this year
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Finding right pricing ‘not easy’ but issuer navigates challenges to score record book and put important pricing point on euro curve
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The company trades tight to its parent, the Oman government
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◆ Classic 10 year to start the year ◆ Record spread to swaps achieved ◆ 'Fantastic' and 'well supported' trade, NIP also compressed
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◆ ‘Good result’ to start busier funding year ◆ Spreads to OATs still at historic levels ◆ €15bn funding needed for 2026
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◆ Bank placed bond at 68bp over mid-swaps after large tightening◆ Banker said bond priced inside Israeli sovereign ◆ Issue offered ‘savings versus seniors’
