Currencies

Company is evaluating equity bids

Issuer slips a notch as debt to regulatory capital metric worsens

Average spread to swaps up compared to early 2024 while spreads to govvies trend downwards

◆ Cost saving to euros and dollars continues to lure non-UK borrowers ◆ Sterling real money investors show clear affinity for higher spread offerings ◆ Demand slows for tighter Nordea

◆ Strong market for subordinated bank debt in euros and dollars ◆ Investors buy ‘undersupplied’ UniCredit AT1 at multi-year low yield in the asset class ◆ Barclays, SMFG and ENBD target dollar AT1 buyers

◆ Macquarie five year follows in CBA's tailwind ◆ Pair pay minimal premiums ◆ Macquarie's first covered bond since 2022

◆ German Länder used to guide pricing ◆ Book holds firm as deal lands tight ◆ Wave of 15 year supply unlikely, but 10 years a possibility

◆ Curve repriced significantly since January ◆ Bond prices tight after spread moves 2bp ◆ Lower Saxony borrows with nine year

◆ French bank goes longer in quick succession after sterling foray ◆ Issuance timing and reception applauded by rival bankers ◆ Orders seen glued by positive premium

◆ Supra manages 3bp of spread tightening ◆ EGBs sold off across the board ◆ Concerns grow on Europe’s defence spending headache

◆ Issuer hits a market embracing every type of FIG deal ◆ Big order attrition but no concession paid ◆ CCF prepares to optimise tier two capital well ahead of call

Speculation around defence spending deters buyers, according to bankers