Nationwide
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◆ A bank advised Nationwide of strong fixed sterling bid ◆ RMBS was another option ◆ 'New accounts' participated in deal -
◆ Rare pricing against Sonia swaps ◆ Reverse enquiries drive deal ◆ Relative value against SSAs
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◆ Orders swell despite lack of new issue premium ◆ 'Severe shortage' of deals ◆ Nationwide 'optimises' its tier two capital
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CBA and Nationwide senior bonds push monthly FIG tally to just shy of $80bn
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Demand supported by resurgent asset manager bid
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◆ UK lender builds demand across two legs ◆ Equivalence 'noise' no problem ◆ Canadian paper provides the closest, most recent comparables
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CIBC raises deeply subordinated debt capital in dollars as diverse set of foreign lenders print senior bonds
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◆ UK issuer makes swift euro return ◆ NIP much lower than US banks paid ◆ Big subscription reflects investor uncertainty
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Borrowers establish new levels for pricing regulatory capital issuance
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◆ A 'ballsy move by a UK name' to reopen euro sub ◆ Orderbook balloons to big size ◆ Banker views on concession vary
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◆ Subscription ratio and spread move in line with recent deals ◆ Low single digit concession needed ◆ Small premium paid over sterling
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◆ Low attrition for euro senior preferred ◆ Consensus on new issue premium ◆ European investors eye scarce UK issuers
