Santander
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◆ First 10 year plus sterling deal outside of UK issuance for years ◆ Pricing will appeal to bank treasuries despite tight level to Gilts ◆ Third 2024 World Bank sterling trade -
Banks are looking at next five weeks to raise anything from deeply subordinated capital to senior debt
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◆ Deal has a large $2.5bn size ◆ Front end opportunity opens up ◆ €18bn raised so far in 2024
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◆ Inflation-linked products ‘more than welcome’ ◆ Record euro linker book ◆ Ten-year plus bid draws demand
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◆ Debate over concessions on non-preferred dual trancher ◆ Longer end draws smaller book ◆ Spar Nord Bank debuts green bond
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◆ US election jitters prompt early final trade ◆ Issuer pays 'appropriate' NIP ◆ Possible pre-funding for 2025 via private placements
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Deal will be the Qatari bank’s first Swiss franc bond in four years
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◆ Pricing tight despite 'conservative' start ◆ Dollar market still has the edge over euros ◆ Fellow European agency prints in euros
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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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◆ Spreads too good for banks to regret issuing ◆ One of the busiest September starts in US FIG ◆More than a dozen foreign banks print over $27bn in just three days
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◆ Record size, record book and record investor offers ◆ UK financial year syndication target 80% complete ◆ Demand diversity ‘very notable’
