Banks

◆ Deal attracts largest SSA book since Feb ◆ Issuer follows usual pattern ◆ Strong macro, interesting RV

◆ Aussie lender ends more than two year absence ◆ Little or no premium paid ◆ Deal lands close to eurozone paper

◆ Tier one capital flies in rallying market ◆ High initial new issue premiums draw big orders ◆ Axa adds new tier two, Commerz buys back old AT1

HSBC has set the plan for its slimmed-down investment bank, but the model is untested — and was not designed by those who will implement it

Improved all-in funding conditions lure a host of European banks to the US as Citi emerges with jumbo opco trade

◆ Fair value debated ◆ Some question RV attractiveness to global investors ◆ Dollars main funding market ‘for now’

French bank hands advisory chief extra duties

◆ New senior FIG deals print with mid-single digit concessions... ◆... though Belfius offers more for its largest non-preferred funding since 2020 ◆ M&A target Monte dei Paschi prints year's first deal

◆ ADB, KBN, OeKB price bonds ◆ Spreads to Treasuries in the spotlight ◆ Big books for all

◆ Bookbuild momentum slows due to Bloomberg outage ◆ Multiple ways of coming up with the same fair value ◆ 10 years appeals to duration and yield seekers

The Kazakh bank is the fifth largest bank in the country as measured by assets

◆ Japanese bank returns to euro market after many years ◆ Global asset managers reducing US dollar exposure ◆ Euro issuers facing increased competition