European financials feel US pull

Deutsche Bank yesterday issued its first dollar benchmark in more than a year as US markets surge on through the summer. The $1bn five year deal, priced at 128bp over Treasuries, is the first non-guaranteed senior transaction issued by the bank since it failed to call its Euro lower tier two paper in December 2008. Other European financials have also felt the pull of the dollar market this week, with Nationwide Building Society issuing $4bn of three year paper and Rabobank pricing $1.5bn of three year paper at 92bp over Treasuries, the first non-US bank to come inside 100bp this year. To find out how all the deals in the market this week fared, read EuroWeek this Friday.