Banks

Swedbank’s corporate finance and DCM high yield teams move to renamed entity

◆ Prices tight to US Treasuries ◆ Swap spreads move during bookbuilding ◆ It would 'not have been good' to be in euros

◆ Talk of planned mandate change comes as bank raises €4bn ◆ More defence projects to become eligible for loans ◆ Deal not impacted, green label helped

◆ Rates and geopolitical volatility weigh on investor sentiment ◆ Fast money investors show price sensitivity ◆ Low single digit premium paid

◆ Bank of America and National Bank of Canada opt for Monday issuance in shortened week ◆ Somewhat weaker backdrop results in lower price tightening versus recent senior deals ◆ BofA boosts euro funding this year to €6.25bn

Former securitization and FIG banker takes top role

◆ 'Cheeky' issuers reference low coupon Gilts ◆ RBC prints £300m senior deal off £375m final book ◆ Speculation 'less sophisticated investors' not aware of Gilt anomaly

◆ Not covered but not uncommon ◆ Prices around 2bp through fixed rate curve ◆ More German state supply expected

German issuer's own comparable tenor deals disregarded in favour of more recent peer supply

UK bank kicks off 2025 funding with $8.5bn raised across the capital structure

Citi, HSBC, Morgan Stanley and RBC will pay fines, Deutsche gained immunity

◆ Compressed capital structure makes 11NC10 senior attractive ◆ Investors price-sensitive on longer tranche ◆ High cash balances pour into FRN