Banks
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◆ First £1bn deal since June ◆ Demand shows investors are interested in UK names ◆ Small premium needed on 'incredibly flat' curve -
◆ Issuer takes advantage of robust short end demand ◆ Size is ’best outcome’ for investors ◆ Tricky balance of swap and US Treasury spreads
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◆ Historically big print in the tenor ◆ Dollars the best option ◆ Central banks and official institutions show up
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◆ Short dollar deal came with huge savings ◆ A long euro followed ◆ Issuer to look at PPs and taps for arb funding
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Euros are only ‘good on paper’ and dollar funding still attractive — for some
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New CEO is under pressure to cut costs and bureaucracy, and Citigroup’s reorganisation could be a template. With top changes already this week, Georges Elhedery has shown he means business
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Fernanda Guardado hired after Gustavo Arruda left for Mastercard
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◆ Benign primary market offers funding to big and small ◆ Size trumps ESG labelling when it comes to performance ◆ MUFG single note versus Mizuho’s dual trancher
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◆ Missing fast money causes problems ◆ Fair value is a moving target ◆ SEK sails through with no-grow
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Issuance comes after a brief lull in foreign borrower activity
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UK bank recruits dealmaker from Groupe Bruxelles Lambert
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◆ Last dollar benchmark of 2024 is a five year ◆ Spread tightened despite tight start ◆ ‘Very strong print’ at a ‘carefully chosen spot’
