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Revival in overseas demand for French SSA paper
Deal will bring fourth major multilateral development bank to the market
◆ Other options on table but issuer opts for two taps ◆ ‘Huge books’ now a norm for the issuer, clear NIP this time ◆ EU’s curve evolves to resemble that of EGB peers
◆ Tightest level since IFC's three year print ◆ Investors recycle redemptions ◆ Programmatic and pragmatic approach
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The EU Commission will be ready to come to market with the Next Generation EU programme from June. EU Commissioner Hahn said that the funding will become a eurozone safe asset reference point. However, delays in member states’ approvals of the EU’s own resources decision could mean a delay to the process.
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The State of North Rhine-Westphalia and the International Finance Facility for Immunisation attracted impressive demand in the dollar market on Wednesday, allowing them to print big deals in the currency.
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Hicham Rachdi, a director in SSA derivatives solutions at Natixis has left the bank after an almost 10 year spell to join the World Bank’s funding team in Washington DC.
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The US, Japan, Malaysia and South Korea have joined the Coalition of Finance Ministers for Climate Action, the collaborative group striving to reshape economic policy-making for the battle against global warming.
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The International Facility for Immunisation (IFFIm) will bring a new five year benchmark vaccine bond on Wednesday, following a slew of strong trades on Tuesday.
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Sebastien Rosset, the former SSA trading head at Barclays, is set to join the European Investment Bank’s benchmark funding team.