Banks

◆ Nordea swiftly prints tight senior non-preferred a day after earnings ◆ Arkéa stretches even longer as it takes 10 year senior preferred funding ◆ Healthy books of €2bn each show conducive market

New boss of Citigroup’s banking division has made sweeping personnel changes, but the bank is also raising its game

Two more major US banks issue bonds but three do not despite spreads at post-GFC tights

◆ Deal sees $4.25bn in demand ◆ Good value versus tier one SSAs ◆ Short-end dollar attracts interest

◆ German agency deal not fully covered ◆ ‘Today wasn’t a good day’ for SSAs ◆ Question on screen levels

◆ First euro deal for decades ◆ Tightened 2bp despite small book ◆ Break with previous issuance pattern

◆ No book updates given ◆ German peer suffers the same fate ◆ Screen levels may have led to undersubscription

The path to a capital markets union will inevitably pass through a pan-European banking union

◆ First 10 year plus sterling deal outside of UK issuance for years ◆ Pricing will appeal to bank treasuries despite tight level to Gilts ◆ Third 2024 World Bank sterling trade

◆ Deal tightens 6bp thanks to strong book ◆ ‘Confusing’ comps make spotting fair value tricky ◆ Trade fills empty spot on the curve

◆ Deal is DZ's first public sector trade of the year ◆ Domestic demand to support deal ◆ Tenor matches cover pool funding need

◆ ESG accounts provide early orders ◆ Granular treasury accounts fill up book ◆ Deal comes close to fair value