Issues
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German borrower pays about 100bp more than same rated issuers in different sectors -
ASR, ABN and Caixa find investors are eager for high yielding subordinated FIG bonds
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Some onlooking bankers had expected a larger trade
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German issuer joined by Iberdrola, Traton and Vonovia in €4.6bn day
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The £1.25bn bond also offered a rare chance to buy long dated senior bank paper in the currency
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Curve inversion makes fives problematic for issuers outside Europe
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The deal was priced flat to Barclays’ recent new issue but was double the size
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Swedish firm priced its three year preferred deal with a ‘covered bond-like premium’
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Other LatAm sovereigns could also take advantage of improved market conditions
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The bank has placed an MD and a VP on the redundancy watchlist
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The first Saudi-Abu Dhabi dual listing sets its price range while Riyadh Cables starts trading on the Tadawul
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Edwin Schooling Latter will be head of regulatory relations for UK and EMEA at the Swiss bank
