Banks
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◆ Issuer matches previous record ◆ Pricing level was 'never a question' ◆ Market shrugs off Gilt selling -
New leadership must be bold if it is to silene the doubters and ensure the the new-look corporate and investment bank delivers on its promise
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◆ French bank prints third syndicated deal in just two days ◆ Frequency of visits means issuer has to pay up ◆ Euro tier two ‘better received’ than sterling tier two
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◆ Size was at upper end of recent range ◆ Book was over €30bn at one point ◆ Portuguese bonds still tight versus peers
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◆ Deal lands with low single digit premium ◆ Investors propel book to almost €5bn ◆ Trade already tighter in secondary
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◆ Berlin deal “full success” ◆ Länder segment expected to keep busy ◆ Rhineland-Palatinate prints big, retains bonds
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Senior banker arrives to work in financial advisory
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◆ Investors not chasing last few basis points ◆ Minimal premium paid ◆ Caution on sterling paper
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◆ Four deals priced at same tenor, with a fifth also in dollars ◆ Why IADB increased size ◆ Swap spread moves cause complications
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◆ Deal may have landed through fair value ◆ Green label lures ESG buyers ◆ ‘Everything working’ say sources
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◆ German bank sells first euro Pfandbrief since October ◆ Investors send book to almost €6bn ◆ ‘Will price in range’ strategy attracts attention
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◆ Italian firm attracts €7bn peak book ◆ Deal lands up to 20bp through govvies ◆ However, high single digit premium still needed
