Americas

◆ Canadian issuer's first benchmark in dollars, euros or sterling this year ◆ Dollar supply lull aids return ◆ Clean book and harsh allocations

Issuer closes its first overseas trade since Moody's downgrade in May

Progress to bring down government deficit will be slow, warn economists

UK borrower goes alone on Thursday following FOMC rate hold

◆ 4NC3 structure helped differentiate from previous deals ◆ Premium paid ◆ Softer market tone after heavy week

◆ US drugs firm pays single digit NIP ◆ Friday deals growing more common ◆ Issuer moves ahead of anticipated quiet week

More US banks have used callable format for opco dollar issuance this year

◆ US company aims to issue more frequently in euros ◆ Final book heard at €1.75bn ◆ Favourable relative pricing at seven years

Financial services firm Fiserv mandates dual-tranche euro trade

◆ RBC's second euro dual trancher of the year ◆ Takes large size in very busy market ◆ 'Nice' to price 4NC3 10bp inside Morgan Stanley, lead says

◆ Province lands £600m 2030 debut inside British Columbia ◆ Book tops £1.8bn as investors back high-grade Canadian name ◆ Cross-currency basis and Gilt spreads keep sterling window open for Canadians

◆ Larger than average tranche sizes and price moves ◆ Encouraging sign for sterling issuance ◆ NIP debated