Sarah Ainsworth

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World's oldest bank has 'good story' for senior sale

◆ Monte dei Paschi to make most of recent upgrade ◆ Spread above 200bp lures investors ◆ 'Element of rarity' gives added appeal

Sarah Ainsworth, March 08, 2024

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Rarer FIG issuers have success with unsecured euro deals

Smaller and lower tier bank issuers are enjoying extremely favourable funding conditions, with some able to choose between markets

Atanas Dinov, March 07, 2024

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Nationwide Building Society sign and exterior front of building in Queen Street Cardiff Wales UK KATHY DEWITT. Image shot 04/2013. Exact date unknown.

Nationwide acquisition of Virgin Money expected to push up its funding

◆ Nationwide to grow asset size by a quarter ◆ Affords to pay 38% premium thanks to top ranking CET1 ratio in Europe ◆ Strong rally of Virgin Money bonds suggest acquisition likely to proceed

Atanas Dinov, March 07, 2024

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Floating icebergs in Jokulsarlon glacier lagoon, Iceland.

Nordic issuers sell euro seniors with mixed results

◆ Iceland’s Landsbankinn finds 'insane demand' ◆ Danish Arbejdernes Landsbank ‘slow’ progress blamed on unfamiliar name ◆ Fast money shows price sensitivity to SR-Bank trade

Sarah Ainsworth, March 06, 2024

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The Coventry Building Society in Bicester in the UK

Coventry Building Society reopens sterling issuance and feeds UK real money demand

◆ ‘Rare beast’ of a spread drives demand ◆ Deal increased as order book swelled ◆ Cross-currency basis has kept issuance at bay

Sarah Ainsworth, March 05, 2024

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Commerzbank tries new trick: callable senior preferred FRN

◆ New structure taps investor demand for short-dated credit ◆ Issuer saves on three month versus six month basis ◆ Callable format adds funding flexibility

Sarah Ainsworth, March 05, 2024