Spain
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◆ Peak demand tops 10.6 times the deal size ◆ Orders stay glued in after sharp tightening ◆ Issuer tenders outstanding hybrids alongside new bond -
◆ Largest coverage ratio for almost three months ◆ Priced flat to fair value ◆ Slow pipeline predicted for rest of week
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◆ Issuer’s first EuGB hybrid 10 times covered at peak ◆ Tight senior/sub spreads attractive for issuers... ◆ ...while solid yields entice investors
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◆ Three companies push through single tranche deals ◆ Vestas takes the biggest book of the trio ◆ Issuers cough up extra concessions
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◆ Deal is the fourth EuGB labelled hybrid ◆ Issuer punches through fair value... ◆ ...and gets its tightest senior/sub spread
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◆ Sovereign not appeared in long-end since 2024 ◆ Pricing close to fair value and to EU ◆ 'Very supportive story' around Spain
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Treasury director Rodrigo Robledo says investor relations work has paid off
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◆ Multiple times subscribed ◆ High quality interest ◆ SSA market open despite lunar new year and carnival holidays
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◆ Spanish bank offers small NIPs for dual tranche deal ◆ Deal useful benchmark for other Spanish bonds ◆ Skew in demand reflects sensitivity at long end, says banker
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◆ Madrid plans 10 year deal ◆ Bpifrance set to launch EuGB ◆ MuniFin 'rare and well regarded'
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Recent Italy syndication prompts talk of change in how sovereigns manage syndicates
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◆ German city state brings rare 20 year ◆ Pricing was tighter than peers' secondary ◆ Andalucía joins Basque from Spain
