Rabobank
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German state launches oversubscribed €500m deal close to secondary curve
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IADB taps sterling while two other issuers mandate for new issues
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◆ Leads say deal landed well inside fair value ◆ Rivals say result points to ‘halcyon days’ of early 2024 ◆ Other issuers said to be eyeing Rabobank's callable FRN structure
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Some bankers were surprised, others not, but all expect a reduced EU funding programme for 2024's second half
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Dutch issuer has now funded two thirds of its annual programme
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Dutch lender came 1bp inside recent 12 year German deals
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The bloc's bonds outperformed swaps and France but views still mixed as to the issuer’s true status
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Widening Bund swap spreads draws bid back to paper
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Deal was oversubscribed with €110m of lead manager orders
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◆ Eight foreign banks raise more than $18bn in three days as BMO adds another $1bn to multiple perps ◆ M&A funding also boosts February FIG volume to over $50bn ◆ Slow down felt by Thursday as spreads widen
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◆ ¥50bn Euroyen is issuer's first public bond in currency for five years ◆ Wide range of investors buys what was the biggest foreign issuer in yen ◆ Pricing wider than euros, tighter than dollars
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From long-dated covered and senior bonds to regulatory capital deals; all were priced tight this week. Even after Thursday's ECB meeting, nothing looks set to worsen conditions for issuers