Currencies
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A consortium of 12 banks were involved in providing the facility -
◆ US company funding $7.2bn acquisition ◆ Defensive tactics lead to sticky book ◆ Trade follows 'blip' of TCC being pulled
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◆ Bank's second public deal lands tighter than its debut ◆ Deal size set early 'to give clarity' ◆ Minimal attrition in order books
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◆ Soft open gives way to stronger afternoon ◆ 'Will price in range' tag may have reassured investors ◆ Quick money blamed for orderbook attrition
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◆ Muted reaction in Bund spreads opens door for German issuer ◆ Issuer opts for low beta, short-dated offering ◆ Investors 'cannot be too picky' warns banker
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Issuance in February running higher than last year
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Defence, utilities and real estate all likely to need more loans
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◆ Demand weighted to either end of curve ◆ TotalEnergies tightens eight year tranche more ◆ Business as usual after German election
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◆ Deal is third Aussie trade in a week ◆ Aussie lender takes size ◆ Slim orderbook necessitates slim premium
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◆ Low attrition for euro senior preferred ◆ Consensus on new issue premium ◆ European investors eye scarce UK issuers
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◆ New week starts with UK banks painting a 'good and rosy picture' for AT1 sales ◆ Lloyds offers the year's first sterling AT1 ◆ HSBC moves towards sub-7% mark in dollars
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Slow week expected as market digests results of the parliamentary elections
