NatWest Markets

‘The market is all fired up’ ahead of possible rate cuts from the European Central Bank

‘First mover advantage’ for JBIC 10 year dollars

Flurry of issuance satisfies parched investors and raises hopes for more across the capital structure

'Patchy' SSA issuance expected in sterling after sparse few weeks

Leeds Building Society is lining up a similar five year deal for £500m

French agencies’ pricing versus govvies continues to compress

◆ Eight foreign banks raise more than $18bn in three days as BMO adds another $1bn to multiple perps ◆ M&A funding also boosts February FIG volume to over $50bn ◆ Slow down felt by Thursday as spreads widen

Bond was sized to ensure secondary performance, and it indeed it has performed

◆ Standard Chartered eyes investor appetite for European banks in dollar AT1 ◆ NatWest plans a dollar tier two issue

Hunt now running syndicate

Issuer pushes spread tighter than recent deals from peers

Selling NatWest shares on the cheap to retail investors risks political controversy and won’t boost interest in the UK’s downtrodden equity market