Currencies
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◆ Second European bank to bring a dollar AT1 this week as investors bid for risky assets ◆ Market conditions deteriorate during Wednesday ◆ More than half of book lost -
◆ Issuer's second dollar bond in 2026 ◆ NWB’s deal from previous day was 'very helpful' ◆ Pricing was 1bp apart, perfectly normal
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◆ Sole IG corporate bond syndication of the day ◆ Less concession required than recent deals ◆ Central bank calendar starts to squeeze supply
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Short senior FRNs emerge as Nordic banks go local
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◆ Deal came after recent Ontario 10 year ◆ Ontario underperformed but still a key comp ◆ Some price sensitivity? No bother
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◆ First capital trade by an international bank since Iran war began ◆ Fair value debated, some spot visible concession ◆ $2.5bn size across two tranches supported by $17bn book
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◆ First SSA dollar five year since Iran war started ◆ Pricing was tight, only 5bp back of tier ones ◆ Stable swap spread helped execution
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◆ New paper subordinated to existing hybrid stack ◆ Investors keen to pick up high yielding deal ◆ Deal seen as a sign of commitment to hybrid capital
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Eight banks provided the loan, which can switch by lenders' consent
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◆ German industrial borrower prints €500m five year ◆ Issuer skips guidance on solid demand ◆ HLD Europe follows with a sub-benchmark six year
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◆ Rentenbank last sold a 10 year in 2023 ◆ IBB's book gains momentum after spread set ◆ NRW.Bank returns to sterling after 2.5 years
