Currencies
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◆ UK lender issues to meet MREL needs ◆ Deal follows tier two from this year and AT1 from 2021◆ Pricing around 50bp above fair value -
◆ NAB chooses faster Euroyen while BNP Paribas goes bigger in Samurai ◆ French deal showed greater 'depth' of domestic market ◆ Low premium paid
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Insurer returns again to raise dollar sub debt
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Issuers flatten curves amid sharp U-turn in sentiment in favour of duration
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German agency is not done with the dollar funding yet this year after five deals
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Issuer has sold more international bonds than any of its provincial peers in 2023
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Wild rush of trades was never going to last
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◆ Spanish bank becomes first big European lender to skip an AT1 call this year ◆ Muted market reaction for other issuers so far ◆ Intesa Sanpaolo prints €1.25bn AT1 with €5bn peak book
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Concessions in the teens and big book showed investors were unworried about falling demand for expensive goods
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Stability is more important than dazzling book sizes, say bankers, as issuance ploughs on
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Agency prints its largest dollar benchmark this year after a record book
