Banks
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◆ New rate cycle begins at last ◆ Can Deutsche Bank avoid being overtaken by UniCredit? ◆ Carmakers in trouble ◆ The DLT help no one wanted -
Favourable conditions could encourage pre-funding for 2025
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◆ Pan-Nordic issuer ‘deliberately’ waits after the Fed ◆ Rivals’ rallying AT1s provide tailwind for price compression ◆ Investors keen on debt capital
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UniCredit’s raid to buy 9% of Commerzbank gives Deutsche three choices — all unattractive. But one is clearly less bad than the others
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◆ Big order book for long tranche ◆ Fair value debate ◆ Sources close to trade disclose it is not pre-funding
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◆ Issuer sells euro bond on FOMC day ◆ Screen pricing ‘makes little sense’ ◆ Other comps helped price discovery
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New posts created as bank grows investment banking
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◆ US election jitters prompt early final trade ◆ Issuer pays 'appropriate' NIP ◆ Possible pre-funding for 2025 via private placements
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◆ UniCredit-Commerzbank news unlikely to have an impact ◆ Fair value thoughts revealed ◆ Deal to be priced on Wednesday
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◆ Dual-tranche approach ◆ Demand skewed towards longest piece ◆ Pricing ‘impressive’
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◆ Deal attracts one of 2024’s largest SSA sterling books ◆ ‘EIB specific’ features helped book size and tightening ◆ Recent KfW bond served as main comp
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◆ Deal comes close to non-eurozone peers ◆ Real money orders dominate book ◆ No oversupply concerns for fourth tranche of 2024
