Banks

◆ High oversubscriptions despite tight pricing show investors’ eagerness to buy FIG ◆ RBI prints a day after announcing potential Belarus exit ◆ Mizuho’s long 10 year confirms bid for duration

◆ French bank raises €500m from a 12 year non-call seven tier two social bond ◆ Strong demand for FIG capital pushes final book to €5.6bn ◆ UBS returns to Singapore with fresh AT1

Issuer was one of a handful of German SSAs to benefit from a quiet primary market this week

UK lender prints largest single tranche covered bond from a foreign issuer since last August

◆ Big premium at starting level erased completely by pricing ◆ Dollar destination of choice for AT1 issuers ◆ Second example of new structure from BNP Paribas

◆ Leasing company returns at the three year part of curve a month after issuing €1.5bn in fours and sevens ◆ New deal adds more supply to frequently tapped short end of the curve ◆ Pays about 5bp-10bp NIP but prices tighter than recent three and four year notes

Turnaround follows two months of outflows and a heap of new issues

WIBank set to add to issuance with 10 year print

Starving investors of exposure to it should mean that the bank can lower the cost of its next new issue

‘Textbook’ trade takes place in an otherwise quiet market

Investor hunger for rare names and long tenors helped multilateral price tight

Issuer will move to focus on euro and Kangaroo markets for rest of 2024, though another dollar deal is also on the cards