Banks

◆ Money centre banks drive $25bn-plus three-day issuance rush ◆ Goldman first refinances capital with new, cheaper deal and then returns for senior funding ◆ RBC debuts its most subordinated debt in US dollars

Marcel Grélat will depart after more than 30 years at the bank

Deal was issued after new green financing framework was put in place

New recruit in Paris will run sustainability for global markets

Issuers ‘strike while the iron is hot’

◆ Swiss finance minister suggests $10bn-$25bn additional capital for the single largest bank ◆ Equivalent to increase of 20-30% CET1 ◆ Changes ‘broadly positive’ for bondholders, but AT1 spreads could face pressure

Sparkasse Bremen garners surprising demand thanks to ‘thin pipeline’

SSA DCM hire ends DZ Bank’s 'recalibration' of its SSA DCM desk

MUFG hires new investment grade finance director for Germany and Austria

◆ Global markets search for clues on how long before US rates are cut ◆ Fed path deemed more important than Middle East conflict in dictating primary market tone ◆ Pipeline across capital stack once clarity emerges

Not all issuers drew large oversubscriptions in mixed market

Rare issuer brings lone trade in the currency while SSAs fund in dollars