Banks
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‘Textbook’ trade takes place in an otherwise quiet market -
Investor hunger for rare names and long tenors helped multilateral price tight
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Issuer will move to focus on euro and Kangaroo markets for rest of 2024, though another dollar deal is also on the cards
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The duration issuer ‘does not gamble on rates’ but pledges regular issuance pattern
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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
