NatWest Markets
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◆ Quick fire from the US bulge bracket bank makes this its second deal in May and fourth this year ◆ NatWest returns with senior opco Yankee a week after blowout AT1 ◆ CPI report improves market conditions
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Issuer ‘reaping the fruits’ of investor work with large book and tightening
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Leads saw no new issue premium paid by the issuer after 3bp of tightening
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Santander shows big AT1 deals work best alongside tender offers
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◆ Favourable dollar market draws foreign and domestic FIG issuers ◆ NatWest chooses dollar for AT1 to achieve best post-swap cost ◆ String of senior issuance also offers rare five year FRN
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◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls
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‘Green German Day’ saw agency and sovereign both enjoy clear green pricing advantage
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German agency saw greater savings than what its sovereign was thought to have managed on the same day
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German issuer set to brave the market during a data and holiday filled period
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Supranational takes €5bn in second syndication of April
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Pricing from swap curve has taken a firm hold in 2024
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Bpifrance and CEB both take €1.25bn while Kommunekredit returns to sterling
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‘The market is all fired up’ ahead of possible rate cuts from the European Central Bank
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Flurry of issuance satisfies parched investors and raises hopes for more across the capital structure
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'Patchy' SSA issuance expected in sterling after sparse few weeks
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Leeds Building Society is lining up a similar five year deal for £500m
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French agencies’ pricing versus govvies continues to compress
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◆ Eight foreign banks raise more than $18bn in three days as BMO adds another $1bn to multiple perps ◆ M&A funding also boosts February FIG volume to over $50bn ◆ Slow down felt by Thursday as spreads widen
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Bond was sized to ensure secondary performance, and it indeed it has performed
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◆ Standard Chartered eyes investor appetite for European banks in dollar AT1 ◆ NatWest plans a dollar tier two issue
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Issuer pushes spread tighter than recent deals from peers
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Selling NatWest shares on the cheap to retail investors risks political controversy and won’t boost interest in the UK’s downtrodden equity market
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A pair of German development banks also brought new issues on Tuesday
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French, German and Canadian issuers printed their first euro bonds of the year
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New July 2054 attracts one of the sovereign’s largest order books, according to lead
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Supra’s first syndication of 2024 was bigger and priced tighter than expected
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Issuer reveals plans for seven and 30 year combo
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AFD and EDC keep sterling rush going as France preps new OAT
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Issuer hopes to issue a $1bn three year bond ‘in the following days’
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Issuer lands $11bn demand for first dollar outing and sells biggest sterling SSA for two years
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◆ Duo print €3.25bn after recent deals wobble ◆ Wider pricing attracts attention and allows tightening ◆ Weaker credit market affects reoffer levels
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The two deals are priced off different benchmarks
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High coupon lures investors into £1.8bn orderbook
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Supranational will return in syndicated format on Wednesday in dollars
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Smaller issuers could face tougher conditions heading into next year
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Short end demand wanes as investors adjust to 'peak rates' narrative
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£3bn residential mortgage portfolio sale ‘on track’ and tipped to 'completely solve the problem'
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Second benchmark in the currency for the Finnish issuer takes funding to 85%
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Both issuers managed to summon large demand for their euro trades
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The supranationals will set the tone for a month crowded with issuance
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Demand picture for long-dated paper still uncertain after Jackson Hole meeting
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Supra sells the longest SSA bond in the currency in recent weeks
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The issuer has kept sterling investors busy with 12 deals this year
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◆ Second opco Kangaroo deal more than twice covered ◆ UK firm includes floating rate tranche for the first time ◆ Recent deals show the depth of the Aussie dollar