Nationwide
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◆ A 'ballsy move by a UK name' to reopen euro sub ◆ Orderbook balloons to big size ◆ Banker views on concession vary -
◆ Subscription ratio and spread move in line with recent deals ◆ Low single digit concession needed ◆ Small premium paid over sterling
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◆ Low attrition for euro senior preferred ◆ Consensus on new issue premium ◆ European investors eye scarce UK issuers
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European banks joined corporate long-dated fray this week as investors showed ample appetite for more
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◆ Dual-tranche offering draws big order book ◆ Concession varied on each leg ◆ 11NC10 structure follows popular JP Morgan trade
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◆ Investors show little concern over sterling instability ◆ Deal comes flat to fair value ◆ Prices flat to peers and inside recent SSA supply
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◆ UK builder lands strong £1bn size ◆ Bankers confident more sterling supply will follow ◆ Slim premium paid, if any
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One or two German speaking issuers could issue this week
