NatWest Markets

◆ First euro deal from Candian province hits 'perfect storm' ◆ BNG and AFD print 15 years ◆ All tighten by at least 3bp

◆ Three banks raise dollar funding with single digit premium ◆ ING moved through 'right window' to issue its first Yankee of year ◆ NatWest opts for four-part opco print

◆ Issuer sets level flat to supra peer ◆ No new issue concession ◆ CEB takes €1bn, book easily covers

◆ 'Reasonable interest' in sterling market ◆ Popular tenors accessed ◆ Neither issuer tightens pricing from guidance

◆ Two sterling AT1s price within 3 days ◆ Strategy limits foreign currency losses ◆ BIL sells euro AT1 with no premium

◆ New 10 year priced without tightening ◆ NIP squashed by swap spread moves ◆ ‘High quality book’ nevertheless

◆ 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