Banks

The sector’s tight valuation versus the likes of KfW is capping demand

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

Issuer pushes spread tighter than recent deals from peers

◆ Swiss bank launches sale into hot demand for bank capital ◆ CS AT1 wipe-out drives need to issue ◆ Final demand around $12bn

Dutch agency prints first 'true SSA deal' in Swiss market for some time, but further foreign public issuance unlikely

UBS pledges IB will return to profit this quarter as M&A pipeline fills

Luxembourg-based supra leads Tuesday’s deals as EDC and Land NRW also enter market

First EMEA green Samurai offers “a new structure in sustainable finance”

◆ ING goes double with €2.5bn deal at belly and long ends of the curve a day after $1.25bn AT1 ◆ BNPP follows with similar strategy with €1.5bn SNP ◆ Both long end tranches land at FV

◆ Swedish lender prints $650m Reg S deal well inside fair value estimates ◆ Jyske prices largest ever AT1 deal ◆ Lower volume of Nordic capital supply and benign market conditions act as tailwinds

Risk-on mood in markets has not turned into a cash cow yet

◆ Danish bank prints its first capital deal in a major currency since 2021 ◆ IR 'hard work' pays off following money laundering case ◆ Premium paid for performance