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Most recent
◆ Greek bank's first deal of the year ◆ Issuer took advantage of an empty market ◆ Priced with 5bp-7bp of new issue concession
Concessions have tightened for both capital and senior trades, as technical conditions favour FIG issuers
◆ Simultaneous execution with Alphabet's record deal bodes well for others ◆ More FIG names likely to print in near future ◆ Other European banks diversify funding in Singaporean and Australian dollars
Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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UK bank kicks off 2025 funding with $8.5bn raised across the capital structure
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Sterling AT1 revival comes amid dispute over Deutsche Bank's foreign exchange losses
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◆ Compressed capital structure makes 11NC10 senior attractive ◆ Investors price-sensitive on longer tranche ◆ High cash balances pour into FRN
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◆ Some premium paid to print at size ◆ Deal 'ticked the boxes' for issuer ◆ 'Froth leaving the market' say bankers
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◆ Issuer grabs limelight amid busy session ◆ Rival bankers debate NIP ◆ Duration popular with French issuers
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◆ Canadian bank competes in busy session ◆ US dollar equivalence debated ◆ Fast money favours higher yield