Banks

Improved all-in funding conditions lure a host of European banks to the US as Citi emerges with jumbo opco trade

◆ Fair value debated ◆ Some question RV attractiveness to global investors ◆ Dollars main funding market ‘for now’

French bank hands advisory chief extra duties

◆ New senior FIG deals print with mid-single digit concessions... ◆... though Belfius offers more for its largest non-preferred funding since 2020 ◆ M&A target Monte dei Paschi prints year's first deal

◆ ADB, KBN, OeKB price bonds ◆ Spreads to Treasuries in the spotlight ◆ Big books for all

◆ Bookbuild momentum slows due to Bloomberg outage ◆ Multiple ways of coming up with the same fair value ◆ 10 years appeals to duration and yield seekers

The Kazakh bank is the fifth largest bank in the country as measured by assets

◆ Japanese bank returns to euro market after many years ◆ Global asset managers reducing US dollar exposure ◆ Euro issuers facing increased competition

◆ 'Modestly-sized' first syndication for FY 2025-26 ◆ Size balanced for secondary performance and liquidity ◆ DMO aims for consistency and predictability

◆ New deals land close to, if not at, fair value ◆ Book attrition visible amid competing corporate supply ◆ Seemingly no rivalry between senior FIG deals

◆ Biggest book for Rentenbank in any currency, according to lead ◆ Agency raises $1.5bn ◆ Sets stage for more dollar issuance

◆ Sovereign back again after 2024 return ◆ Record book for a conventional deal ◆ ‘Limited NIP' thanks to strong growth, rarity value