Banks

Barrier moves to client role, Robins to retire

◆ CDC raises £500m for first time ever ◆ KfW sets spread from the outset ◆ Two day execution helps distribution

UBS promotes bankers to replace leveraged finance specialist

◆ Italian bank raises €1bn after a similar euro pair last week ◆ Year-to-date euro AT1 new issuance volume is almost a quarter higher than 2024 ◆ Deal completed with minimal new issue premium

◆ Third benchmark trade from Luxembourg-based supra this year ◆ Govvie yields higher after US downgrade but issuer undeterred ◆ Execution was quick and typical

◆ Deal draws £470m book ◆ Agency has not appeared in sterling in more than two years ◆ CDC plots two-day execution

◆ Views vary on new issue premium ◆ Sterling market revived this week ◆ AT1 flurry extends

French deal lands close to its euro curve

◆ Larger deal than its previous subordinated sterling issuance ◆ Funding cost comes close to euros ◆ Two ways to construct fair value

◆ HSBC raises more than $11bn-equivalent senior and subordinated funding in a little over a week ◆ Hits improved sterling market for first time since September ◆ Broker IG Group makes its second bond appearance

◆ Each issuer prints larger deal than usual ◆ NWB comes after BNG five year ◆ Quebec gets huge book

◆ Deal attracts strong early momentum ◆ Slim premium paid as HVB lands size ◆ Pick-up offered over German SSAs