◆ Dutch insurer refinances legacy tier one at negative NIP ◆ More insurance deals expected across capital structure ◆ Smaller European bank tier twos prove strength of FIG market
Sterling issuance has all but evaporated in recent weeks despite evidence of structural demand from UK investors. Even domestic issuers have snubbed the currency but suggest that some euro funders could be lured back
◆ Raises lower end of €1.25bn-€1.5bn target after feedback ◆ Reintroduces positive new issue premium from major FIG issuer ahead of possible slowdown ◆ Follows Singapore dollar tier two
◆ Senior arrives a week after €5bn book for covered deal ◆ Latest orders land at €1.4bn ◆ Rival bankers say smaller book down to smart execution, not saturation
◆ Deal execution is ‘exemplary of the current market’ ◆ Demand drops by around €2.4bn from peak to landing, yet clears 10bp inside fair value ◆ Issuer reduces cost with bullet and counts SP bonds towards MREL
