NatWest Markets

◆ Deal makes ‘good sense’ from an arb perspective ◆ First time out in sterling for more than a year ◆ £350m deal size larger than expected

◆ 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

◆ Prices 15bp through peer ◆ Fair value not easy to calculate ◆ IFB Hamburg prints too

◆ EBRD priced off primary ◆ KfW achieves greenium? ◆ Tight pricing on both deals

◆ Record book and deal size ◆ Investor demand 'at odds' with media headlines ◆ Key BoE actor clears up position

◆ NRW.Bank opens euro account ◆ WIBank flat to fair value ◆ Saxony-Anhalt tightens

◆ Nimble move pays off ◆ Demand alive and strong after busy Jan ◆ £1.75bn book size 'no mean feat'

◆ Large tightening in line with recent trades ◆ Prices flat or through fair value ◆ No French agency deals expected next week

◆ Pricing tightened 7bp ◆ Predecessor's curve used in bookbuilding ◆ 30 year bond grabs impressive book

◆ Sterling market still strong ◆ Fair value built out from peers ◆ US and Aussie dollar issuance to come

◆ Bloc takes more than bankers anticipated ◆ Triple-digit orderbook for long-dated tap ◆ Bankers agree on fair value

◆ Fair value tricky but British Columbia a marker ◆ NWB raises £250m ◆ 'Softer tone' in market