Banks

◆ Lloyds prices first foreign subordinated debt in Singapore dollars since CS’s collapse ◆ Deal offers arbitrage versus G3 markets ◆ NatWest starts marketing senior Kangaroo

Asian investors bought more than 40% of the deal following a recent roadshow

◆ No foreign bank has issued subordinated debt in the currency since CS collapse ◆ Local heavyweight showed there is demand for AT1 ◆ Will be issuer's fourth currency outing since Q2 results

Both supply and demand are on the rise to support more long-dated paper

◆ Second Swedish sub in a row to be priced with a spread below 200bp ◆ Market is strong but investors are price sensitive ◆ SEB pays higher NIP than Handelsbanken did

Finnish issuer ended an 18-month hiatus in the currency to bag savings versus euros

The company’s share price dropped after H2 results

The Swiss bank wants to become the leading European corporate finance house in North America after revamping its business, but history suggests this will be a tough target to achieve

UK bank prices largest single tranche covered bond from a foreign issuer in Swiss francs for over three years

Muted SSA market welcomes European pair

◆ Sub sale sealed with single digit concession ◆ Strong demand paves way for more tier two trades to follow ◆ Proceeds could fund tier two call next year

◆ Issuer is not rare in sterling market, but its preferred debt is ◆ Pays single digit premium, locks in arbitrage ◆ ‘Hot’ sterling market could attract a variety of issuers