Banks

◆ Short dollar deal came with huge savings ◆ A long euro followed ◆ Issuer to look at PPs and taps for arb funding

Euros are only ‘good on paper’ and dollar funding still attractive — for some

New CEO is under pressure to cut costs and bureaucracy, and Citigroup’s reorganisation could be a template. With top changes already this week, Georges Elhedery has shown he means business

Fernanda Guardado hired after Gustavo Arruda left for Mastercard

◆ Benign primary market offers funding to big and small ◆ Size trumps ESG labelling when it comes to performance ◆ MUFG single note versus Mizuho’s dual trancher

◆ Missing fast money causes problems ◆ Fair value is a moving target ◆ SEK sails through with no-grow

Issuance comes after a brief lull in foreign borrower activity

UK bank recruits dealmaker from Groupe Bruxelles Lambert

◆ Last dollar benchmark of 2024 is a five year ◆ Spread tightened despite tight start ◆ ‘Very strong print’ at a ‘carefully chosen spot’

◆ Rare deal pairs payouts in the same tenor ◆ €1.5bn also raised in longer tranche ◆ No cannibalisation

◆ Sovereign revisits five year maturity ◆ ‘A little difficult’ to find fair value ◆ Ultra-long tap ditched

◆ Bpifrance prices year's largest benchmark ◆ French agency spread to swaps attractive ◆ AFD found opportunities in dollars