Banks
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Michael Diederich had long banking career before joining football club two years ago -
◆ Popularity allows Deutsche to price at tight valuation ◆ Follows the German bank's $2bn Yankee at the belly of the curve... ◆ ...and comes a day after UBS issued €2bn in mid to long dated maturities
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◆ UBS ends 14 month Swiss franc covered absence ◆ Next to no premium paid ◆ Swiss bank has raised AT1, senior unsecured and now covered in the last week
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JP Morgan and Dutch pension fund PGGM transacted derivatives margin trade
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◆ Swiss bank quickly follows $2bn AT1 with senior holdco print in euros ◆ Deal's high oversubscription may tempt others to print soon ◆ DNB diversifies funding printing rare euro FRN
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Concentrated pre-Fed funding drives July FIG issuance in the US to over $50bn
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◆ Deal follows $3bn issue in February ◆ Swiss regulators may demand much more capital ◆ Similar structure to last deal
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Long end deals could be on the cards for brave Benelux borrowers
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Reorganisation changes reporting lines
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DCM changes follow Harding-Jones taking over IB business
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Market all but certain US rates will be on pause this week, while looking for clues for September
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