Sterling
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French political concerns and geopolitical twists chilled sentiment with no new unsecured deals on Tuesday -
◆ Rare pricing against Sonia swaps ◆ Reverse enquiries drive deal ◆ Relative value against SSAs
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◆ Deal follows Honda's $2bn issuance in September ◆ Modest tightening in a weaker credit market ◆ Auto sector tone improves as tariff path clarifies
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◆ Flow picking up in quiet sterling market ◆ CMA's redetermination unlikely to change credit metrics for UK water companies ◆ Logistics real estate issuer kicks off euro green bond
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Hong Kong dollar issuance stays hot, while Middle East names add to a steady run in private placements
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◆ German bank's first sterling senior note in almost four years ◆ Premium paid ◆ Valuations 'quite squeezed' in wider sterling market
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◆ UK ports operator extends sterling run ◆ Orderbook remains sticky despite tighter spread ◆ Negative new issue premium
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◆ Orders swell despite lack of new issue premium ◆ 'Severe shortage' of deals ◆ Nationwide 'optimises' its tier two capital
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◆ Several factors led to choosing sterling maturity ◆ New UK investors arrived in recent deal ◆ Patience when evaluating cross-currency basis and spreads
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Green loans and project financing needed for Europe-wide rollout
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Diversifying demand... coming inside euros... landing flat to dollars... the UK market looks tasty
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FIG supply clustered at the front end with a flurry of floaters
