Banks met with wall of cash on return to primary

By David Freitas
26 Mar 2020

The volume of new euro senior debt sold by banks has hit €10bn this week, following deals from Barclays, Credit Suisse and NatWest Markets on Thursday. Yield and spread levels remain high, but market participants have been delighted to see investors throwing their confidence behind new transactions in the middle of the coronavirus crisis.

Barclays opened books on a five year non-call four senior bond from its holding company, with initial price thoughts in the 410bp area over mid-swaps.

Demand had topped €3bn by 9.30am in London and €7.5bn by 11.30am, allowing sole bookrunner Barclays to guide investors towards a spread of ...

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