Americas

◆ Investors flock to first dollar AT1 for five months ◆ Positive response to new equity conversion structure ◆ More supply to come but no 'deluge'

Falling inflation and rallying equities have driven a strong recovery in US equity capital markets

Investors don’t like Mexico kicking the can down the road on Pemex, but are happy to take the same approach themselves. This is bad news for everyone

Burden on Mexico’s finances is huge and investors are beginning to focus on the next government’s stance on the company

◆ Low concessions paid in the first part of the week ◆ Market tone worsens after US downgrade and rates volatility ◆ Wells Fargo chooses quick return for opco funding

Pricing is beginning to stabilise as investors see nuance

◆ Improved funding in dollars for European banks ◆ The two issuers have been heavier users of euro and sterling markets this year ◆ Where is best to print in dollars for others eyeing the market?

Dominican Republic could be on the cards for LatAm supra after debuts in Paraguay, Costa Rica

◆ Lloyds and Santander launch Yankees ◆ Better execution in the dollar market than raising euros or sterling, says Lloyds Treasury ◆ Dollar investors supporting foreign issuers, including capital trades

Provinces take a step back from borrowing but pension sector issuers lean forward

Public Storage pays just a handful of basis points, while Amex coughs up more

Next deal could include targets on climate change adaptation or biodiversity