Banks

◆ Big premium at starting level erased completely by pricing ◆ Dollar destination of choice for AT1 issuers ◆ Second example of new structure from BNP Paribas

◆ Leasing company returns at the three year part of curve a month after issuing €1.5bn in fours and sevens ◆ New deal adds more supply to frequently tapped short end of the curve ◆ Pays about 5bp-10bp NIP but prices tighter than recent three and four year notes

Turnaround follows two months of outflows and a heap of new issues

WIBank set to add to issuance with 10 year print

Starving investors of exposure to it should mean that the bank can lower the cost of its next new issue

‘Textbook’ trade takes place in an otherwise quiet market

Investor hunger for rare names and long tenors helped multilateral price tight

Issuer will move to focus on euro and Kangaroo markets for rest of 2024, though another dollar deal is also on the cards

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

Commercial real estate worries creep back into investors’ minds but rate cut hopes and need to place cash prevail

Investor demand gives borrowers free rein