Banks
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◆ Borrower's first deal of its new fiscal year ◆ CBA opts for size ◆ Market receptive to 'off the run' tenor -
Conflict of interest is early test for Deutsche Numis and illuminates nature of broking relationships
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Bankers split on expectations as ‘everyone has been in the market’
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◆ Limited sized deal attracts ‘very good book’ ◆ ESM curve tight, E-supra bonds referenced ◆ €2bn left to do this year
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◆ 'Solid' demand manifests ◆ ABN shows duration appeal ◆ Greece's Alpha Bank next in euros
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◆ Crédit Agricole brings subordinated sterling deal ◆ Sabadell mandates a sterling debut ◆ Investors 'starved' by 'unwilling' issuers
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◆ First £1bn deal since June ◆ Demand shows investors are interested in UK names ◆ Small premium needed on 'incredibly flat' curve
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◆ Issuer takes advantage of robust short end demand ◆ Size is ’best outcome’ for investors ◆ Tricky balance of swap and US Treasury spreads
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◆ Historically big print in the tenor ◆ Dollars the best option ◆ Central banks and official institutions show up
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◆ Short dollar deal came with huge savings ◆ A long euro followed ◆ Issuer to look at PPs and taps for arb funding
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Euros are only ‘good on paper’ and dollar funding still attractive — for some
