Weekly Covers
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First equity-linked issue in over a month -
◆ Spread versus peers has been compressing ◆ Pricing close to fair value ◆ ADB used as main comparable
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Total €11bn already raised so far as issuer enjoys greater execution flexibility
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Sovereign also added $300m to a long-dated dollar note
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◆ NAB executed at 30bp over mid-swaps threshold ◆ Banker said deal was 'in line with what was expected' ◆ Leads chose three Canadian covereds as comps
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◆ NIB head of funding Jens Hellerup on deal timing ◆ Fair value estimated ◆ Dollar callable demand continues
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◆ Telecoms firm takes €1.5bn ◆ Some premium needed at the long end ◆ Demand highest for shortest tranche
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Turkish oil and gas firm offers a pickup to its parent and most other CEEMEA sukuk
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Romania set to cut down on Eurobond issuance as it tackles hefty deficit
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◆ Small NIP enough to attract strong bid for long tranche ◆ Investors get selective amid volatility ◆ Commerz fills out its curve with two points
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Owners sell chunks of Azelis, Nexans and Mandatum
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◆ 'Tight and attractive valuations' for raising tier two capital ◆ Trade follows ratings upgrade ◆ 5bp of concession
