Currencies
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Slim new issue concession could tempt further senior supply -
After more than a week-long absence of senior bank issuance in euros, the Nordic financial demonstrated that longer maturities are open for stronger names
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Further offshore Swiss supply set to follow as issuers make the most of attractive arbitrage
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Issuer hit screens with unfashionable maturity amid soaring US inflation but still achieved a solid trade
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Deals all land despite some reservations about maturities
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Investors show less inclination to buy longer tenors from smaller names
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Multiple borrowers are expected to rush into the primary market when stability returns. This may hinder slower and smaller issuers
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Issuer faced slog to get minimum size done with pricing in line with starting spread
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Issuer benefited from its credit strength and rarity in primary markets
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Norwegian bank unearthed 20bp of funding arbitrage compared to its euro curve
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The US inflation release is expected to be the turning point and restart senior bank deals in Europe
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Cantonal lenders have a ‘perfect’ spread difference to govvies and high rated Swiss comparables
