NatWest Markets
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New head for Iberia recruited to grow capital markets and bank financing business -
◆ Five year tenor works for investors ◆ Fair value not what it seems ◆ IfDM and Asifnag also price
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◆ Issuer sells euro bond on FOMC day ◆ Screen pricing ‘makes little sense’ ◆ Other comps helped price discovery
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◆ Deal attracts one of 2024’s largest SSA sterling books ◆ ‘EIB specific’ features helped book size and tightening ◆ Recent KfW bond served as main comp
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◆ CDC achieves tightening, rare for sterling bonds ◆ ‘A little downside, and a lot of upside’ to two-day execution ◆ Bpifrance prints second sterling deal of 2024
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◆ Transaction ‘complements’ short end sterling trend ◆ Development bank prices flat to curve ◆ A book size ‘which you don’t see every day in the sterling market’
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A busy pipeline is forming in the SSA market as the EU preps its next scheduled transaction
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◆ Big orders and minimal premium for senior sale ◆ NatWest brings affordable housing bond ◆ Dutch debut from Triodos
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◆ Short dollar deal came with huge savings ◆ A long euro followed ◆ Issuer to look at PPs and taps for arb funding
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◆ Missing fast money causes problems ◆ Fair value is a moving target ◆ SEK sails through with no-grow
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◆ Usual intraday strategy serves issuer well ◆ ‘Very limited’ new issue premium ◆ Sister institution ESM still has €4bn to raise
