Currencies
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◆ Deal marketed at a price to sell ◆ Structure suggests UBS is optimising funding volume ◆ Reluctance to buy Swiss AT1s remains but fixed income markets are recovering -
Name recognition helps bank go against the grain to tighten pricing
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Confectionery company returns after disappointing Swiss franc deal
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Transaction could have been much larger but Italian bank was ‘driven by price’
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The French issuer offered investors an unusual tenor
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French retailer gets big book in buoyant market for its fourth SLB
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◆ Better market mood suggests more FIG capital issuance on the cards ◆ BBVA goes for longer tier two in dollars ◆ Some suggest UBS will issue AT1 as early as Wednesday
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Cost was lower than euros and cheaper than the bank's debut Sonia deal
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New US investors are coming to the table as resurgent volumes are eyed
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Strong name recognition helps Swiss pharma company achieve size at a tight price
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◆ PIC preparing to take £200m new net capital after maxing tender offer ◆ Sogecap takes the road for first deal since 2014 ◆ Meanwhile parent SocGen calls dollar AT1
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Small concessions and smooth rides give hope of decent week ahead
