NatWest Markets
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◆ French lender has placed €3bn of covereds already this year ◆ Order book peaked at just below €2bn ◆ The bond was 1bp outside French government debt, a banker said -
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A series of foreign bank issuers move in force to raise dollars, pushing weekly issuance tally close to March 2025
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◆ Bankers benchmarked trade against recent Canadian deals ◆ Issuer paid ‘couple of basis points” of NIP ◆ Latest in a series of sterling covered deals
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◆ Canadian bank last issued covered paper in January ◆ Lead managers picked only one comp ◆ BNS has large covered redeeming on Monday
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Investors seek yield in long-dated FIG subordinated and senior markets
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◆ Two steps to terms debated ◆ Priced flat to fair value or even with negative concession ◆ Investors split on long-dated holdco supply
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◆ UniCredit finds ample demand for dual-trancher ◆ First issuance since Moody's upgrade ◆ NatWest leaves 2bp of NIP for investors
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UK bank trio stands out in heavy Yankee onslaught either side of Fed meeting
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◆ 10 year non-call period is longest since 2014 ◆ Pricing comes very close to shorter Nationwide deal from June
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Arrival of head of new CIB will further spur NatWest Markets as broader bank looks to growth
