Alice Gledhill is a reporter covering bank and insurance debt with a focus on the primary market. She also writes regularly about banking regulation. She joined IFR and IFR Markets in 2014.
Phoenix Group Holdings failed to gather much momentum for its debut euro-denominated Tier 2 transaction after investor caution over the unfamiliar name, its business model and pricing level took their toll.
There was no evidence of aversion to UK risk as NatWest Markets returned to the euro market, attracting some €4bn in orders despite offering as little as 5bp in concession at the final level.
Danske Bank’s subordinated debt sold off as chief executive Thomas Borgen resigned on Wednesday in a money laundering scandal relating to €200bn flowing through its Estonian branch between 2007 and 2015.