The €2.5bn potent issuance of new equity or convertibles does not need to be offset by the cancellation of Treasury shares.
• That does matter for shares outstanding but for the credit of the company what matters is the fresh input of cash.
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Block 2s10s steepener crossed at 1025:00ET, DV01 $ 320,000
The DMO has announced it will be looking to sell GBP4.25bln of the 4.50% Mar-35 Gilt (ISIN: GB00BT7J0027) at its auction next Wednesday, May 14.