Issues

◆ SocGen and especially UBS garner huge demand for high yielding AT1s ◆ Red-hot interest suggests more European banks could issue in subordinated Yankees ◆ HSBC and BBVA raise $2.75bn in tier two

A swift combination of the UK investment banking teams of UBS and Credit Suisse shows the rapid progress that has been made, as CEO Sergio Ermotti looks ahead to a ‘pivotal 2024’

An avalanche of corporate dollar supply surpassed expectations this week amid a strong rate rally

Investors want to lock in high coupons while they can and issuers hope for lower costs

Higher for longer interest rates are likely to lead to a pick-up of primary capital raising

Cost of long dated deals too much for borrowers despite clamour

Borrower targets pocket of liquidity in two year FRNs

Car leasing firm bumps up deal size between guidance and final terms

The IPO syndicate, which features what is believed to be the first ever stabilisation mechanism in the UAE, has been rejigged

‘Stars align’ for issuers to return to bonds amid optimism that the US Fed may be done with rate hikes for now

But rates uncertainty to keep borrowers away from the long end

Buyers piled into deal as sovereign improvements could provide upside