Americas

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

◆ General Mills debuts €1.7bn Reverse Yankee hybrids ◆ Engie raises €2.06bn-equivalent across euros and sterling ◆ Sub/senior spreads stay modest on Engie's euro tranches

Tweaks to trading book rules will be next stage of competition

A prolonged oil shock will hurt airlines, but a Covid-style industry collapse is a long way off