Americas

Foreign banks took advantage of more stable bond market conditions amid a funding splurge by US banks after reporting bumper first quarter earnings

◆ Sterling market welcomes third unsecured FIG deal of the week ◆ RBC's 15bp price tightening is 'encouraging' for other issuers ◆ Relative value works well versus other G3 currencies

Huge order book allowed the issuer to increase size of five year dollar trade

Issuer had already pre-funded in dollars earlier this year

Books for the jumbo €5bn deal were more than three times subscribed

◆ US bank raises close to €2bn-equivalent in tier two debt ◆ Issuer attracts lots of attention and orders ◆ Market participants praise 'cool' deal

◆ Canadian retail chain lands euro bond close to equivalent dollars ◆ Some concession needed for first new euro line in two years ◆ Minimal attrition as issuer pushes through 100bp barrier

Brazil is preparing its first visit to the euro market in over a decade

Canadian province to maintain market-friendly funding approach and 'meet investors where they want us'

◆ Couche-Tard and Louis Dreyfus line up seven year trades ◆ Roquette adds to hybrid queue ◆ Corporate pipeline swells, execution dependent on a shaky backdrop

Foreign bank issuers secure tight pricings

◆ First dollar SSA benchmark in two weeks, 'very successful' ◆ 'Pro-investor' pricing approach on show once again ◆ Funding for new fiscal year well underway