NatWest Markets
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Wallonia and Hamburg tap bonds as bloc mandates tenth syndication -
◆ HSBC's Orion platform used alongside Banque de France’s DL3S solution ◆ No digital premium ◆ Eurosystem's second wave of exploratory work
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HSBC leads Yankee charge as banks took advantage of tight spreads to bring forward 2025 funding plans and fulfil some of their riskier commitments
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◆ Deutsche prints popular €1.5bn deal as investors fight for higher absolute yield ◆ Yield chase prevalent in dollars a day after return of tier ones ◆ SocGen, NatWest market dollar AT1s
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The bank has issued four digital bonds since 2021
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◆ ‘Pragmatic’ issuer prices at new found level ◆ KfW bonds used as building block for pricing ◆ Deal should give ‘encouragement’ to others
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◆ Bankers debate premium ◆ Minimal attrition in order book ◆ Domestic buying interest
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◆ Cross-currency basis swap moves make trade feasible ◆ Fair value hard to locate after Gilt movement ◆ Book almost covered
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◆ New investors drawn to RBC euro FRN ◆ NatWest gains from lots of liquidity ◆ Market is 'keen to rally' ahead of US election slowdown
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◆ Bond priced with no new issue concession ◆ Spread to swaps drives orders ◆ More price discovery for French agencies
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◆ French issuer ends year-long absence ◆ Pricing was inside fair value ◆ Triple-digit spread over swaps
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◆ First 10 year plus sterling deal outside of UK issuance for years ◆ Pricing will appeal to bank treasuries despite tight level to Gilts ◆ Third 2024 World Bank sterling trade
