Weekly Covers
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◆ Highly regarded issuer prints longest covered bond for three years ◆ Deal is more expensive than SSA debt... ◆... but investors show strong demand at 'fair' price -
◆ IDA fair value more art than science ◆ MuniFin gets over 140 accounts in its book ◆ Madrid makes debut EuGB trade
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◆ Philip Morris flattens short end curve by 7bp ◆ EssilorLuxottica lands with single digit concession ◆ Wesfarmers increases deal size
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Estonian bank is paying no concession, thought one observer
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◆ Unlike Commerzbank, long end book holds together ◆ Premium paid ◆ Scarcity of Japan names in euros
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Higher volume, more tightening during execution and lower new issue premiums were recorded
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◆ Crédit Agricole aims for 5.5 years, SR-Boligkreditt goes for fives ◆ The belly home to the greatest demand ◆ Paid land tight to peers and own curves
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◆ Both borrowers comfortably oversubscribed ◆ Deals tightened above the 37bp average ◆ Little fatigue seen after a bumper May
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The bank printed Estonia's first ever international AT1 in February
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US about to pass GENIUS Act as Trump associates promote stablecoin
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June could be very busy as borrowers come early to exploit good conditions
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European banks progress with capital raising as spreads tighten, but investor qualms grow
