Banks

◆ Transaction ‘looks like a slow deal’ given tightening and size, say rival bankers ◆ Marketing process ‘was too rushed’ for rare euro issuer ◆ Huge corporate issuance ‘may have overshadowed’ sole FIG deal

Issuers get ahead of US CPI data on Wednesday

Both issuers print with no new issue concessions, but Sparebanken Vest benefited from scarcity appeal and belly of the curve bid

Phil Drake becomes head of UK ECM

◆ Italian bank prints at 7% amid 'Fomo' for AT1 refi ◆ Tier two capital well absorbed with rare Munich Re offering €1.5bn ◆ AIB benefits from green label

◆ Senior success as syndications flood euro market ◆ HSBC holdco lands through fair value ◆ ANZ ‘cements status’ with ‘strong’ euro FRN

Three year floating rate covered deals pricing flat to fixed rates

US bank hires five rates traders in all

Duncan Smith believed to be heading for Investec

Home advantage sees total issuance for May exceed Sfr3bn

Santander shows big AT1 deals work best alongside tender offers

◆ Favourable dollar market draws foreign and domestic FIG issuers ◆ NatWest chooses dollar for AT1 to achieve best post-swap cost ◆ String of senior issuance also offers rare five year FRN