Natixis
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Oil major attracts 20 banks to two year loan underwritten by BNP Paribas and Société Générale -
Green loan of $375m will support rollout of on-site solar plants for companies
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Strong appetite from international banks for first gigascale 24/7 solar plant
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New facility smaller than the original but 20% larger than the launch amount
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◆ First fixed rate sterling covered since February ◆ Order book was 1.5 times oversubscribed ◆ Tenor made the deal 'more competitive', says banker
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Despite a strong year for euro covered bond issuance more broadly, volumes from France are way down on last year
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◆ French lender fixed deal at half the order book's size ◆ Covered offered small new issue premium ◆ Banker said CRH's and UniCredit Austria's deals showed 'fatigue'
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◆ Broken tenor answers two requirements, says banker ◆ Issuer's last covered bond deal was in November 2025 ◆ Only Italian comparables picked
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◆ Soft bullets offer no benefit to Spanish issuers — BBVA ◆ Investors like certainty of hard bullets, says banker ◆ Lead managers use seven Spanish deals as comps
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◆ Aussie bank has primary to itself on Friday ◆ Deal ‘sufficiently different,’ say bankers ◆ Both tranches offer small premiums
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The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it
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Borrowers have been busy already this year so the pressure to issue is off
