Banks

Bumper September brings post 2020 peak

◆ Three year deal 'obviously the blowout' trade of the day ◆ Biggest order book in dollars ◆ Pricing through fair value but still attractive relative value

◆ Another $500m no-grow launched ◆ Can’t stay away from the dollar market ◆ Fair value hard to pin down

◆ Minimal premium paid ◆ Structural demand from UK bank treasuries down but Asia steps in ◆ Sterling spread vs euro more attractive for issuers

BNP Paribas took Pirelli and Citi took Renk as shareholders exited and trimmed stakes on Tuesday night

◆ Pricing through fair value ◆ Big size for 'darling' Canadian issuer ◆ Attractive pricing over tier one SSA names

◆ Deal appears unaffected by rising Middle East geopolitical tensions ◆ Local investors back the deal during first day of marketing ◆ Pricing around fair value with possible minimal concession

◆ Last EARN benchmark from the supra this year ◆ Deal's success will be hard to replicate ◆ Issuer could prefund another €4bn

◆ Issuer one of a handful to issue euro floating rate notes ◆ Spreads wider than earlier in the year ◆ ‘There isn’t really a fair value’

De Guillenchmidt had been at firm 13 years

◆ BFCM prepares its annual visit to yen market ◆ BayernLB to debut senior preferred debt ◆ Arion chooses Scandi currencies

Originator hires follow banker's departure to SMBC