NatWest Markets
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◆ 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
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◆ Pricing tightened 7bp ◆ Predecessor's curve used in bookbuilding ◆ 30 year bond grabs impressive book
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◆ Sterling market still strong ◆ Fair value built out from peers ◆ US and Aussie dollar issuance to come
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◆ Bloc takes more than bankers anticipated ◆ Triple-digit orderbook for long-dated tap ◆ Bankers agree on fair value
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◆ Fair value tricky but British Columbia a marker ◆ NWB raises £250m ◆ 'Softer tone' in market
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◆ Issuer matches previous record ◆ Pricing level was 'never a question' ◆ Market shrugs off Gilt selling
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◆ Dual tranche deal pulls in big demand ◆ Limited new issue premium on both bonds ◆ Rentenbank raises €750m
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◆ Almost €7bn sold ◆ Most borrowers print flat or close to fair value ◆ No blowouts but market judged healthy for further supply
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◆ Joint largest size from non-UK public sector issuer ◆ ADB also raised £1bn ◆ Cross currency basis allows for sterling concession
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◆ German agency joins SSA sterling party ◆ Rare £1bn-plus book ◆ More sterling supply to come
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◆ Bankers disagree on NIP ◆ IADB demand allows larger size ◆ AIIB releases sterling IPTs
