Currencies
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Issuance not expected to return until the final week of August -
Pricing is expected around September 7
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The issuer has kept sterling investors busy with 12 deals this year
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◆ Investors flock to rare senior sterling sale ◆ 35bp spread move the joint largest of the year so far ◆ Danske joins sterling frenzy with second helping of senior pref
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◆ Second opco Kangaroo deal more than twice covered ◆ UK firm includes floating rate tranche for the first time ◆ Recent deals show the depth of the Aussie dollar
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Turbine customers see little debt market blowback despite potential for major operational disruption
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‘Things didn’t add up’ for a tap until this week
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◆ Lloyds prices first foreign subordinated debt in Singapore dollars since CS’s collapse ◆ Deal offers arbitrage versus G3 markets ◆ NatWest starts marketing senior Kangaroo
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Fund manager says asset class is mispriced by over 100bp
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First deal in a month is likely to test demand and price expectations at the five year point
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Asian investors bought more than 40% of the deal following a recent roadshow
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Riskier asset classes like high yield lose out as investors favour safer options
