Currencies
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◆ Combined book one of the sovereign’s largest ◆ Swap spread volatility observed overnight ◆ Issuer ‘did well not to stretch’ the pricing -
After soaring this month, May is expected to see new issue premiums return to next to nothing
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M&G's hire comes amid the asset manager's push to expand loan origination capabilities in northern Europe
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Deal will be the first in sterling since early March and suggests senses of stability
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UK's Mark Capital turns to investment management company for funding
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◆ A 'ballsy move by a UK name' to reopen euro sub ◆ Orderbook balloons to big size ◆ Banker views on concession vary
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UK government has a £4.9bn higher net financing requirement
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◆ FRN concessions have jumped as much as 30bp ◆ Bankers question if European banks need to pay similar NIPs ◆ Euros could offer 'steadier market' for US banks
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Donald Trump’s assault on the tenets of US financial exceptionalism is a boon to European capital markets
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The new loan comes from the company's established lending group
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◆ Investors claw back some of the power in primary market ◆ Trade lands with high single digit concession ◆ Deal more than three times subscribed despite €1bn falling out of orderbook
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Austrian bank will not call its AT1 with the lowest reset rate but it will redeem another it had been extending since the eruption of the war in Ukraine
