Currencies
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◆ Issuer lands £200m deal 62.5bp tighter than initial guidance ◆ Demand continuously grew to £1.4bn ◆ First sterling AT1 since February -
Second foray into Samurai market this year
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Issuer keeps an open mind but there is unlikely to be a ‘huge chance’ of the hybrid deal being done this year
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◆ Buoyant mood in unsecured FIG market ◆ Arkéa prices with 5bp NIP and tightest spread among recent 10 year trio, putting off some buyers ◆ BPM reprices own curve
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Bonds will be settled in wholesale CBDC on December 1 as part of Swiss National Bank’s tokenised asset pilot
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AfDB and Kommuninvest stay in the three to five year part of the curve
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◆ Spanish bank acts quickly to raise €1bn at slim concession ◆ More long end issuance possible ◆ Three more banks supply further €1.5bn
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◆ Aviva takes advantage with with long dated tier two ◆ Close Brothers prepares debut AT1 ◆ Co-op Bank buys back £164m of old tier two after issuing a fresh £200m
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Second Reverse Yankee this week as IG corporate rally shows no sign of abating
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Corporate market remains wide open despite end of year looming
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◆ French insurers offer the two most desired elements in FIG ◆ Deal prices with 10bp NIP and large oversubscription ◆ More subordinated issuance may follow as market is very strong
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German state intends to issue two or three deals before the summer
