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Top section
E.ON squeezes pricing on €1.6bn deal but pays in attrition
◆ German utility brings two tranches including green ◆ Orders prove more resilient in green tranche ◆ Both legs priced near fair value
◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
Mediolanum commences smaller European banks' funding drive
◆ Italian lender becomes first lower tier bank issuer to price this year ◆ Deal launched into 'issuer's market' and benefits from tight price versus national champions ◆ Ayvens issues first green bond in its current form
Ile-de-France brushes off politics to price 10 year next to curve
◆ Issuer tests appetite with two stage tightening ◆ New issue concession estimated ◆ Buyers pile into Wallonia's shorter tranche
◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
Sub-sections
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Issuance 34% ahead of last year’s opening week -
New issue premiums were slim for the LatAm sovereign duo
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Secondary market performance gave Austrian agency confidence to print
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◆ Almost €6bn raised across seven tranches ◆ 12 years is the 'sweet spot' for supply ◆ Single digit concessions offered
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◆ Deal is first from updated sustainability bond framework and follows social debut from 2025 ◆ Earlier return to euros than previous years ◆ Minimal concession paid
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More convertibles expected after strong fund performance
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Implementation necessary after wide-ranging changes last year
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Bank's head of DCM and syndicate chief talk bond market expansion plans
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Loans bankers wary of potential overbuilding amid Europe data centre growth
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Scope of UK regulation set to be more restricted than EU equivalent
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German government will spend €108bn on military next year
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Taxonomy alignment and credible transition plans could be more important for issuers
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Sustainable finance chief leaves Nomura for opportunity in fast-growing region enthusiastic to cut emissions
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Country saw surge in syndicated lending volumes in 2025 and this year is expected to be just as strong
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First exclusively Estonian securitization the European Investment Bank has supported
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Debt financing to become more sophisticated as the race to build data centres across Europe heats up
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JP Morgan sole bookrunner on first jumbo block in a month
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Institutional investors are weighing up governance at elite UK private schools after a series of serious sexual assault allegations emerged from the sector. As certain private schools look for new deals to add to the £500m they have already raised, investors are focusing on how schools have handled the ensuing crisis.
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Equity and debt markets were fretting on Thursday over the implications of new US sanctions against Russia. A prohibition of US investment in Russian sovereign bonds marked an escalation in tensions, threatening sovereign borrowing costs. It could also damage Russian companies’ chances of funding in the capital markets, write Mariam Meskin and Sam Kerr.
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Ukraine is once more at the forefront of emerging market investors' worries as military tensions with Russia escalate. Amid the uncertainty, Ukraine is fighting another uphill battle to access IMF funding in order to recover its economy as soon as possible. The governor of the National Bank of Ukraine, Kyrylo Shevchenko, spoke to GlobalCapital about the challenges the country is facing and the importance of central bank independence.
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First deal of its kind more than 1.5 times subscribed
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Deal complexity, new issuer premium sees trade start more than 100bp wide of last WBS
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Gym franchise wants to refinance paper issued in 2022
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Sponsored by Islamic Development Bank (IsDB)
Sukuk market’s next chapter: Financing the future, sustainably
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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Sponsored by Emirates NBD Capital
Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
