Spain
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Covivio, Timken and Merck & Co keep corporate issuance going
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Sub-sovereign issuers found support in an undersupplied market
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Puig's trading debut on Friday somewhat muted compared to recent IPOs of CVC and Galderma
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The base deal size will be €2.6bn after the IPO was priced at the top of the range
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After CVC's successful IPO last week, Spain's Puig has taken this week's spotlight
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Investors snap up low rated IG companies, but demand double digit concessions
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New FIG coverage chief for Spain and Portugal to build Natixis Iberia business
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Anchor orders and hedge funds pile in to support the largest European IPO so far this year
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Owner of Charlotte Tilbury, Paco Rabanne and Carolina Herrera is set to begin bookbuilding on Friday for the largest flotation in Europe this year
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Prisa’s bonds mandatorily convertible into shares were fully subscribed
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Puig plans to raise €1.25bn of primary capital alongside a larger secondary raise
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Investors flush with cash and happy to chase trades through fair value
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Transmission operators and travel companies prepare euro deals
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Hedge funds are more cautious and are 'thinking twice' before buying
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Constant inflows help Coca-Cola HBC, Ren and Enel snap spreads in during bookbuilding
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Latest deal came 1bp through fair value, according to the issuer
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Five IPOs from the region on top of Puig and Golden Goose expected in the first half of the year
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Front-loading pushes up volumes but no respite for SSA issuers as volatility flashpoints loom in huge funding year
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First EMEA green Samurai offers “a new structure in sustainable finance”
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Belgium next with second syndication of the year
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Early exit from blackout brings first mover advantage, as Swiss market shows it can offer size
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The first covered bond from a Spanish bank since February 2023 was priced with a lower premium than deals done a year ago
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Issuers see good demand in euro and sterling as outlook turns gloomy
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Enagas and Iren tighten hard, as fears over Taiwan election fail to materialise
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Immense order books break records as issuers, investors take full advantage
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Debut in sterling wins whopping £3.25bn final book
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Demand for its new 10 year trade finished above €137bn
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Italy takes €15bn from dual tranche sale as bankers advise borrowers to keep going
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Elia, EDP and Traton ease through a market desperate to invest
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Varying luck for corporate bonds in euros as secondary market wobbles
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Without banks' capital costs, could Citadel Securities shake up primary dealer ecosystem?
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The block came after Uncaja's third quarter results on Monday
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Europe’s corporate bond market full of shaken investors
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A promising pipeline of new listings is developing that could help reinvigorate southern European ECM next year
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Capped deal set to perform in secondary market, say bankers
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KBN, OeKB, Rentenbank and AFD to tap currency amid uncertainty in euros
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Sterling and euro corporate bond markets turn hostile on Monday
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◆ Spanish bank finds 'good window' to pre-fund ◆ Pays just 10bp NIP for 4NC3 and eight year SNP ◆ Longer tranche is more popular
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Variety of corporate bonds in the works but volume expected to slow sharply
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Wienerberger makes SLB debut for €350m
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◆ BNP Paribas sells longest senior euro note since July ◆ Slim 2bp-3bp concession needed ◆ Investors hungry for duration with accounts interest out to 30 years
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◆ Belfius attracts attention with its joint largest senior deal at 10bp NIP ◆ Now lower tier banks 'don't have to be a hero' to issue ◆ Cajamar debuts in green
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◆ BPER Banca and Unicaja pull in strong demand for SNP deals ◆ Investors bidding for higher spread products ◆ Encouraging for more senior issuance from lower tier borrowers
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The rest of 2023 is a 'write-off' but several businesses plotting listings next year, bankers say
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The Spanish bank is beefing up its investment bank in Europe and the US
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The Euro Stoxx Banks Index has now recovered most of its losses following Silicon Valley Bank's collapse in March
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There has not been a block trade in Unicaja since its IPO in 2017, until now
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Cellnex is feeling the heat from rising interest rates with its €20.7bn pile of debt