Banks
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◆ More than €12bn of interest for popular offering ◆ 'All box-ticking' social leg was expected to do well from the start ◆ 11 year non-call 10 tranche shows duration demand intact -
Issuer proactively funds for new $15bn programme
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◆ Rivals say 'low beta' offering should go well ◆ Leads say investor feedback for social format 'encouraging' ◆ Bankers debate fair value
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Investors are cautious but the deal is “a good test" of the current environment
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◆ Rival bankers give mixed assessment ◆ Final order book shrinks ◆ Fair value 'tricky' to assess
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◆ Investors flock to short dated green trade ◆ German lender unearths greenium ◆ Wave of supply not expected despite strong outcome
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Issuer grabs one of its largest ever books in usual July trade
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Monday was also the first day for new COO from UniCredit
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Novotny-Farkas is understood to be joining another bank in Germany with similar responsibilities
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No co-heads this time for global markets and global banking
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◆ Natixis’s sometimes requited love affair with elite M&A bankers ◆ What the French election could to ESG, and to the bank bond market
