NatWest Markets
-
Leads saw no new issue premium paid by the issuer after 3bp of tightening -
-
Santander shows big AT1 deals work best alongside tender offers
-
◆ Favourable dollar market draws foreign and domestic FIG issuers ◆ NatWest chooses dollar for AT1 to achieve best post-swap cost ◆ String of senior issuance also offers rare five year FRN
-
◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls
-
‘Green German Day’ saw agency and sovereign both enjoy clear green pricing advantage
-
-
German agency saw greater savings than what its sovereign was thought to have managed on the same day
-
German issuer set to brave the market during a data and holiday filled period
-
Supranational takes €5bn in second syndication of April
-
Pricing from swap curve has taken a firm hold in 2024
-
Bpifrance and CEB both take €1.25bn while Kommunekredit returns to sterling
