NatWest Markets

£110bn book proves ‘gradual but structural shift’ in demand to shorter tenors

'Textbook execution' lands sovereign issuer 'blowout deal'

Issuer refreshes euro presence after 2.5 years and wants to issue annually

Dutch issuer has now funded two thirds of its annual programme

Sovereign achieves bigger greenium than in 2023, but orders fell by more than half after price was tightened

German issuer wants to issue dollar five year, euro 10 year, and sustainable deals before year-end

Neddies has funded €6bn so far this year and might reappear in dollar market

French agency hopes to be a regular in sterling market

Bankers off deal say it was arb-driven

Issuer plans ‘one liquid benchmark every year’ and to frequent a market providing ‘value’ and ‘flexibility’

◆ Quick fire from the US bulge bracket bank makes this its second deal in May and fourth this year ◆ NatWest returns with senior opco Yankee a week after blowout AT1 ◆ CPI report improves market conditions

Issuer ‘reaping the fruits’ of investor work with large book and tightening