North American banks come back to Europe as funding costs flatten

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By Tyler Davies
25 Apr 2019

The cost of funding in euros or sterling has swung back into favour for dollar-focused financial institutions in recent months, heralding the return of several North American banks to the market, including Morgan Stanley and Wells Fargo.

Morgan Stanley hit the market on Wednesday with its first fixed rate transaction in euros since October 2017.

It began by offering a spread in the 85bp area over mid-swaps when it opened books on a 2024 senior bond, callable in July 2023.

But strong demand allowed the US issuer ...

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