Banks
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◆ Deal has a large $2.5bn size ◆ Front end opportunity opens up ◆ €18bn raised so far in 2024 -
◆ First Reg S/144A floater ◆ ‘Good demand’ for short end FRN paper ◆ Issuer takes size at upper end of target range
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◆ Three year bond cost ‘flattish to euros’ ◆ Tight Treasury spread? No bother ◆ €10bn left to do of €80bn target
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◆ Five year tenor works for investors ◆ Fair value not what it seems ◆ IfDM and Asifnag also price
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◆ Swiss Life resuscitates euro capital issuance ◆ Rarity, company size help drive price through fair value ◆ Sogécap avoids French concerns
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◆ First euro print for the sovereign since 2022 ◆ Focus on price over size ◆ Euro all-in cost proves attractive
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◆ Premium paid debated ◆ Uncertainty about tenor chosen ◆ More covered supply to come as issuers adapt to higher premiums
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◆ New issue and tender help shave 40bp off price ◆ Pricing comes inside fair value but RBI trades wide within Europe's banking sector ◆ Bawag preparing green senior preferred
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◆ Canadian issuer returns after two years ◆ Deal grabs record demand ◆ Leads were 'careful to get pricing right'
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◆ Inflation-linked products ‘more than welcome’ ◆ Record euro linker book ◆ Ten-year plus bid draws demand
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Japanese bank hires from within to drive European business
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◆ Issuer scales back size target ◆ Hesse was ‘doing the sensible thing’ ◆ Both short and long-end euros tricky to navigate
