Banks
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Latest deal came 1bp through fair value, according to the issuer -
◆ Issuer removes capital deficit ◆ Starts marketing ‘aggressively’ to finish through fair value ◆ Unlikely to print any senior debt for regulatory purposes
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Some market participants saw just 1bp of new issue premium in the deal
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The UK bank has been under pressure to lift its share price performance
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Borrowers benefit from scarcity value and lack of competing supply
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Fair value is seen around high-20bp with more than 10bp of pick-up versus KfW
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Deal priced flat to fair value as UK asset mangers likely buyers
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◆ ¥50bn Euroyen is issuer's first public bond in currency for five years ◆ Wide range of investors buys what was the biggest foreign issuer in yen ◆ Pricing wider than euros, tighter than dollars
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The US bank picked one of its own senior bankers to run the busiest equity syndicate desk in EMEA
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◆ French bank double taps the dollar market to raise $4.75bn in senior and deeply subordinated debt ◆ BNPP attains its largest ever senior order book as demand reaches $15bn ◆ US insurance companies fund
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German issuer is also monitoring issuing conditions in dollars and smaller markets such as Kangaroo
