Banks
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The duration issuer ‘does not gamble on rates’ but pledges regular issuance pattern -
Emirati bank prices inside dollar levels with first Swissie deal since 2019
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Commercial real estate worries creep back into investors’ minds but rate cut hopes and need to place cash prevail
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Issuer has done nearly €3bn of its €10bn programme and may return in March
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Swedish issuer bags largest ever print in single currency with first syndication of 2024
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◆ Deterioration in market sentiment but Handelsbanken prices close to fair value, and even inside by some estimates ◆ CRE exposures under microscope ◆ Strong earnings, comfortable capitalisation assure investors
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The sector’s tight valuation versus the likes of KfW is capping demand
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Jane Fraser’s restructuring of Citigroup is leading to rafts of appointments, but they do not deliver the radical shake-up promised and a climate of uncertainty prevails
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Issuer pushes spread tighter than recent deals from peers
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◆ Swiss bank launches sale into hot demand for bank capital ◆ CS AT1 wipe-out drives need to issue ◆ Final demand around $12bn
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Dutch agency prints first 'true SSA deal' in Swiss market for some time, but further foreign public issuance unlikely
