Nordea opted for sterling for its senior unsecured issue on Thursday, saving an estimated 25bp against its euro curve, as issuers confronted a mixed backdrop in the single currency market. But an impressive debut from German insurer Talanx on Wednesday showed the technical state of the market is firm, said bankers.
Talanx printed a 750m 10 year on Wednesday. On Thursday, lead managers HSBC and UBS opened books on a £250m minimum size floating rate note for Nordea at a guidance level of low 50bp area over three month Libor.
The spread was set at 50bp just after 11am