Currencies

Borrower explains August's bond for loan swap

◆ Issuer takes £750m with first deal since 2021 ◆ Trade the joint tightest three year deal of 2024 ◆ Small premium paid

◆ Starting level was wider than some expected ◆ New issue premium ‘creeping up’ in recent weeks ◆ New framework gets S&P rating

◆ ’One of the best trades’ from the past two weeks ◆ Dutch agency chooses short maturity ◆ NIPs have ‘crept up’ but deal priced tight

◆ German real estate lender to print first subordinated note in a decade ◆ Crédit Agricole Assurances copmpletes bullet with no book attrition ◆ Insurer uses proceeds to buy back two perpetual notes

Borrower looks to have paid modest concessions after credit markets opened wider on Wednesday

◆ No book size revealed ◆ Issuer braves volatile market ◆ Short end of curve tricky to navigate

◆ UK lender takes £500m ◆ Deal land single digits back of recent supply ◆ No-grow size supported demand

◆ Debut euro FRN syndication for Belgian bank ◆ Deal arrives just a day after similar TD offering ◆ Euribor basis has improved

◆ Bank markets NC5 and NC10 dual trancher with a flat curve ◆ Deal follows another long dated dollar AT1 from BNP Paribas ◆ More EM dollar AT1s in the pipe

Public markets have proven to be often just as illiquid, leading to a convergence in approach

◆ DMO completes hefty chunk of syndication target ◆ Record size, record book ◆ Demand for 15 year 'encompasses a broad range of investors'