◆ UK lender chooses home market for first major bank capital deal in sterling or euros in nearly two months ◆ Similar absence of unsecured FIG issuance ◆ Tier two best positioned for sterling restart, says lead
◆ New deal launched at very similar fair value to previous one from September ◆ Italian bank pays higher NIP than before ◆ Timing a consideration as ceasefire sparks rally
◆ Post-ceasefire rally brings predictability to market direction ◆ Quick execution brings the deal within vicinity of fair value ◆ Price discovery needed within German senior preferred universe
◆ French bank swiftly acts after spreads tighten following ceasefire rally ◆ Fair value spread returns to pre-war level ◆ Bank pays small new issue premium
