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Credit default swaps referencing Havas surged out this week to their widest levels since 2013 as the borrower brought a €400m bond amid a flurry of euro deals.
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The European Central Bank’s Thursday meeting has been the subject of much speculation in the SSA market and on the eve of the critical day, more SSA bankers are concentrating on that rather than deals it seems.
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The UK Debt Management Office has raised £8bn in two days this week after a £3.75bn auction of its 1.5% Gilt maturing 2021. KfW was also in the market as other currencies lay dormant ahead of the European Central Bank meeting on Thursday.
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Nestlé made a grab for sterling on Tuesday, issuing a five year benchmark bond in the currency that brought in orders from outside the UK.
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Dümmen Orange, the Dutch flower breeder, has allocated its acquisition loans in an early bird syndication. The facilities are for BC Partners' buyout of the firm from H2 Equity Partners and the Dümmen family.
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The Australian dollar market, a popular funding pool for SSAs, will require a pragmatic approach in terms of price expectations next year, said senior SSA bankers.
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Solar power producer Etrion has more than halved the all-in interest payable on its Italian debt facilities with a €222m refinancing package.
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A symbolic rather than market changing move is the general view of the renminbi’s inclusion into IMF’s Special Drawing Rights (SDR) basket. However, many analysts believe impact could be profound if China is willing to take the real test reforming its domestic financial markets.
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Banks can look forward to regularly pricing green bonds inside their vanilla senior curves, some FIG bankers believe, after BPCE launched the latest in a succession of tight trades on Wednesday.
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Hungarian Development Bank (MFB) printed on Tuesday a €300m 2.375% six year bond, in line with price guidance released earlier that day, bringing a fresh euro benchmark to the country.
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Investors showed enduring appetite for insurance capital on Wednesday as Scor found more than €2bn of demand for the second French deal in as many days.
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Islandsbanki decided the time was right to pursue a long mandated senior tap on Wednesday, as Icelandic banks continue their return to the public debt markets.