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All as expected by the market, but lack of more details regarding bill issuance somewhat disappoints
◆ Sovereign back in euros, alternating from dollars in 2025 ◆ “Very low double digit” spread over Germany ◆ Sweden, KfW key comps
Likely successor as UK prime minister Andy Burnham further to the political 'left than anyone else’ but market hopeful that scope for more borrowing is limited
Fiscal targets for 2026 already met, more early debt repayments underway
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The prime minister-elect will not want to jeopardise Italy's access to EU help
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The sovereign will be able to price within where it might in dollars
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The sovereign is aiming to reach agreements with creditors within nine months
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If ESG drives credit risk, the structure has logic
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Two paths for issuers: top tier swamped with attention, lesser names scrape by
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Spanish and French agencies also took advantage of a narrow pricing window