Currencies
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Estonian lender set to join Austrian and German-led sub-benchmark flurry -
UK bank kicks off 2025 funding with $8.5bn raised across the capital structure
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Sterling AT1 revival comes amid dispute over Deutsche Bank's foreign exchange losses
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Swap spreads test new tights on fiscal expansion concerns as issuers turn to dollars
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◆ Compressed capital structure makes 11NC10 senior attractive ◆ Investors price-sensitive on longer tranche ◆ High cash balances pour into FRN
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◆ Two sterling AT1s price within 3 days ◆ Strategy limits foreign currency losses ◆ BIL sells euro AT1 with no premium
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Five-part Matterhorn is biggest ever Swissie from a US corporate
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Issuance in the currency expected to increase next week
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◆ Scarcity value helps insurer 'stand out from crowd' ◆ Maturity and credit 'a different animal' from parent ◆ Pricing versus parent company evaluated
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◆ Some investors drop 'entirely' when issuers breach fair value ◆ No competing supply helped deal ◆ Market steadies after Tuesday wobble
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Sovereign expected to pass its first rating test in 2025 with four more to come before early April
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The trade drew good demand after a slow week for covered bond issuers
