Sarah Ainsworth

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Crédit Mutuel Arkéa senior offering gains from ‘brilliant timing’

◆ Market ‘risk-on’ after Fed meeting and surprise SNB rate cut ◆ Op Corporate Bank FRN fives times subscribed ◆ Senior sentiment unharmed by RBI’s pulled AT1

Sarah Ainsworth, March 21, 2024

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KBC lands at tight spread despite recent flood of senior paper

◆ Magic number of 105bp hit again ◆ ‘Good outcome’ after senior market flooded on Monday ◆ Signs of consolidation but RBI ‘has not rattled market’

Sarah Ainsworth, March 21, 2024

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De Haar Castle near Utrecht, Netherlands

ASR Nederland RT1 transaction ‘a walk in the park’

◆ Deal lands with negative new issue premium ◆ Appetite for insurer RT1 stays strong ◆ Tier two bank market could be facing some ‘fatigue’

Sarah Ainsworth, March 20, 2024

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RBI pulls AT1 despite ‘successful bookbuild’

◆ Rival bankers said it was ‘bad luck’ and did not reflect broader market sentiment ◆ News that US authorities opposed RBI purchase in Austrian construction company Strabag emerged during pricing

Sarah Ainsworth, March 20, 2024

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Manacor, Spain; may 14 2022: Closed bank office and ATM of the multinational bank Bankinter. Manacor, island of Mallorca, Spain

Bankinter order book suggests appetite for periphery banks 'has taken a bit of a breather'

◆ Order book size raises questions over buyers' pause ◆ RBI and NBG ‘two to watch’ ◆ Austria's RBI missed previous calls on outstanding AT1

Sarah Ainsworth, March 19, 2024

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Entrance sign above the Spanish BBVA branch, Knightsbridge, London. Feb 2009

Spanish banks finally feed hungry bond investors

◆ BBVA feeds undersupplied senior sector ◆ Unicaja Banco tier two nets negative NIP ◆ Mixed views on near-term supply

Sarah Ainsworth, March 15, 2024