Banks
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◆ Issuer well funded already ◆ Tightens 3bp, no fair value consensus among banks ◆ Demand covers size over three times -
◆ Relative value versus covered bonds reduces senior paper's appeal ◆ RBC prices flat to USD curve ◆ Spread differential to other CAD issuers
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◆ Fair value tricky but British Columbia a marker ◆ NWB raises £250m ◆ 'Softer tone' in market
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◆ Rival bankers disagree on fair value ◆ Technicals favour senior-non preferred ◆ LBBW mandates euro SNP deal
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◆ German Land's issue sets new record ◆ Yield, spreads both attracted ◆ Both real and fast money keen to get paper
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◆ Pair attract €9bn of combined final demand ◆ Little to no premiums needed ◆ Deals already tighter in secondary
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Two day execution brings bank successful start
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International banks launched a torrent of dollar FIG supply as they swatted away political uncertainty to get 2025 off to a rapid start
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Warm reception for French banks in euros and other currencies shows FIG market is in positive health
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◆ Landesbank delays covered funding as it prints second senior preferred three months after debut ◆ Varying views on concession, minimum 5bp paid ◆ Strong backing by German bank investors
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◆ Italian bank overcomes slower day in primary with first FIG dual tranche deal of year ◆ Why issuer chose twin tranches ◆ Concession discussed
