Banks

Changes follow arrivals of Raghavan and Mangla from JP Morgan

◆ Large order book as rates curve lures buyers ◆ Double 'scarcity' value also a factor ◆ Bankers debate new issue premium

◆ New CEO revamps HSBC to be leaner and meaner ◆ What markets think of idea to make UK water sector non-profit ◆ The swap spread dynamic hammering SSA bonds

◆ Friday execution seen as precursor of issuers' keenness to print before US vote ◆ Handelsbanken issues rare green tier two with no new issue premium ◆ Swedbank comes close to fair value, if not a touch above, in first euro senior non-preferred of 2024

Bund-swap spreads are heading to uncharted territory with little to stop them, which could cause a headache for SSA issuers

◆ US insurance company leads issuance with $5.2bn deal ◆ Bank of America lifts large chunk of subordinated debt ◆ Year to date FIG volume surpasses 2023's full year total after issuers frontload

Abnormal trend expected to continue posing question for FIG treasury officials

◆ Issuer lands records in joint largest transaction ◆ Spread to World Bank ◆ Bigger size attracts more investors

Dutch bank eyes broader FIG presence

Bank’s restructuring will improve the fortunes of its investment banking business while also allowing the group it to navigate geopolitical tensions

Anthony Bryson, CEO, Lloyds Bank Capital Markets Wertpapierhandelsbank, FrankfurtWilliam Mansfield, CEO & Country Head, Lloyds Bank North America, New York

◆ Swap spread moves help issuer's spread to US Treasuries ◆ No-grow deal many times covered ◆ Investors expecting rate cuts turning to short end yields