Banks

◆ German agency deal not fully covered ◆ ‘Today wasn’t a good day’ for SSAs ◆ Question on screen levels

◆ First euro deal for decades ◆ Tightened 2bp despite small book ◆ Break with previous issuance pattern

◆ No book updates given ◆ German peer suffers the same fate ◆ Screen levels may have led to undersubscription

The path to a capital markets union will inevitably pass through a pan-European banking union

◆ First 10 year plus sterling deal outside of UK issuance for years ◆ Pricing will appeal to bank treasuries despite tight level to Gilts ◆ Third 2024 World Bank sterling trade

◆ Deal tightens 6bp thanks to strong book ◆ ‘Confusing’ comps make spotting fair value tricky ◆ Trade fills empty spot on the curve

◆ Deal is DZ's first public sector trade of the year ◆ Domestic demand to support deal ◆ Tenor matches cover pool funding need

◆ ESG accounts provide early orders ◆ Granular treasury accounts fill up book ◆ Deal comes close to fair value

◆ Eleventh sustainability bond helps issuer close in on funding target ◆ Twice covered book signals steadier euro market ◆ Supply slowdown is "creeping in"

Banker brings wealth of experience from capital market roles

◆ RBC leads European banks to funding in the US ◆ Once JP Morgan starts the third quarter bank earnings season local FIG bond wave could materialise ◆ This could keep market busy until US election

The bank has followed up its drama-free CEO succession by quietly revamping the structure and leadership of its investment banking division to ensure it is fit for the new market dynamics