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An public sector issuer breaking a record with a deal this week became so common a claim it began to sound like, well, a broken record. But questions remain about how robust demand really is
Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
Huge order book allowed the issuer to increase size of five year dollar trade
Issuer had already pre-funded in dollars earlier this year
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Returnee lands through fair value on currency diversification drive
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Bankers ‘struggle to see a drastic shift’ in concessions even after flood of issuance in May
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◆ Madrid lands at same level as 10 year ◆ Second EuGB from Madrid ◆ NWB makes euro benchmark 2026 debut
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◆ Close to recent Ontario ◆ Fair value estimated ◆ More in pipeline
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◆ Province lands tight $3bn 10 year ◆ Demand stretches down curve ◆ Sitting alongside sovereign
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New issue premiums in recent weeks were lower compared to the highs after the Iran-US conflict began