Currencies
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◆ World’s oldest bank scoops €500m with latest deal ◆ Only 25bp of concession needed to seal senior sale ◆ Bank faces second half MREL shortfall -
◆ Investors fly to bank's deeply subordinated execution that 'ticked all the boxes' ◆ Allianz to pick up sub debt baton with dollar tier two
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◆ Inaugural trade to follow two days of marketing ◆ Deal to be priced off outstanding tier two paper ◆ Proceeds to top up MREL levels ahead of 2024 interim target
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◆ US bank bulks on bonds as deposits fall ◆ FA-backed duo hit three years
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Higher rates and name recognition fuelled the tightest corporate print since June
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Reluctance to show hands has led to smaller books and higher concessions
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Asian borrowers are finding better funding options in Australian dollars and Japanese yen as higher US dollar interest rates bite
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Whether to push on with supply or take a break divides participants
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Deluge of deals coming, but demand could quickly become exhausted
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Fears of contagion from Chinese defaults yet to shake sentiment
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◆ Slimly subscribed deal spotted 2bp-3bp tighter ◆ Undersubscribed Santander UK senior deal also above par ◆ Sterling investors hope for a break in supply after difficult week
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Bank paper dominates in offshore Swissies as NAB and Santander UK add to flow
