National Australia Bank
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◆ Australian lender takes size ◆ Redemption wall could fuel demand ◆ Dollars could offer an alternative to tarnished sterling -
◆ Deal is third Aussie trade in a week ◆ Aussie lender takes size ◆ Slim orderbook necessitates slim premium
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International banks launched a torrent of dollar FIG supply as they swatted away political uncertainty to get 2025 off to a rapid start
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UK lender adds to Yankee invasion as domestic trio go super long
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◆ Bankers focused on attrition levels ◆ NAB ‘better than expected’ amid UK interest ◆ Swedbank tests FRN appetite
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US bank and several insurers dominate issuance
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One month marketing period begins on Thursday ahead of a 10 year issuance
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Bankers disagree about whether fatigue for 10 year deals is growing
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◆ European banks lead issuance with focus on senior funding ◆ Market wobbles prove funding more challenging than expected ◆ Foreign banks’ capital raising is one prominent feature
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French bank back for the third time in two weeks with a three tranche Kangaroo
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◆ 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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Bank paper dominates in offshore Swissies as NAB and Santander UK add to flow
