US opens doors to $17bn TLAC bonanza

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By Tyler Davies
05 Jan 2017

European financials have found every reason to get into the dollar market early in 2017, leading to a fireworks display of total loss-absorbing capacity (TLAC) senior deals this week. Though market conditions could not have been better to receive the banks, many will have wanted to squirrel away quantities of funding and capital for what could be another troublesome year in the capital markets.

Alone, European banks have priced a whopping $18.55bn of new issuance across eight deals and three days, as Yankee supply dominated the capital markets in the opening week of 2017.

Much of the new issuance is of course seasonal. Rabobank, for example, printed a $1.5bn senior offering ...

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