Banks

Former JP Morgan DCM head and RBS treasurer join as special advisors to multilateral defence funder

◆ Bond secured against a pool of export credit agreements ◆ Santander gets biggest bid-to-cover ratio since March ◆ Deal lands flat, if not through, fair value

Hire shows SMBC's ambition

◆ UK bank has euro sub market to itself ◆ New NIP range established ◆ More capital trades said to be in pipeline

◆ HSBC, NatWest, Société Générale print similar dual tranche senior deals ◆ 'No canibalisation' despite €8bn concentrated supply ◆ Bid for duration on all deals

◆ Issuer becomes second tier one in HK dollars ◆ 'Definitely' demand for labelled bonds in Hong Kong ◆ Sterling helps differentiate from crowd

◆ Large book, small concession ◆ Merz stumbled on the path to power ◆ 'Remarkable stability' in Bunds

Favourable factors support long dated issuance in both senior and covered bonds despite the divergent fates of issuers in the two markets

Trading lifted results at Barclays, Deutsche Bank and UBS but corporate finance goals will be harder

Search for replacement has begun

Two firms are vying to lead European investment banking pack

◆ Similar trades clash on the same day ◆ New Zealand bank finds it more challenging to attract orders despite paying higher spread and new issue premium ◆ Swedbank lands deal with similar concession than recent French senior paper