Banks
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Both issuers print with no new issue concessions, but Sparebanken Vest benefited from scarcity appeal and belly of the curve bid -
Phil Drake becomes head of UK ECM
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◆ Italian bank prints at 7% amid 'Fomo' for AT1 refi ◆ Tier two capital well absorbed with rare Munich Re offering €1.5bn ◆ AIB benefits from green label
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◆ Senior success as syndications flood euro market ◆ HSBC holdco lands through fair value ◆ ANZ ‘cements status’ with ‘strong’ euro FRN
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Three year floating rate covered deals pricing flat to fixed rates
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US bank hires five rates traders in all
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Home advantage sees total issuance for May exceed Sfr3bn
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Santander shows big AT1 deals work best alongside tender offers
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◆ Favourable dollar market draws foreign and domestic FIG issuers ◆ NatWest chooses dollar for AT1 to achieve best post-swap cost ◆ String of senior issuance also offers rare five year FRN
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A year after its surprise scoop of UK equities house Numis, Deutsche Bank is making headway in the league tables
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◆ 'A nice print' say rival bankers ◆ US bank raised €2.25bn and 'could have taken more' ◆ Green FRN label questioned as 'nobody cares'
