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 -
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
