North America

Yankee deals range from subordinated debt debuts to super long senior extensions

Flood of US deals yet to harm European borrowers materially but potential for spread widening and crowding out remains

◆ US food group funds M&A with first euro bond ◆ €500m no-grow draws more than €1.65bn at peak ◆ Tenor choice helps issuer find demand

There is little evidence that US corporate issuance in euros is crowding out local borrowers

◆ Amazon adds sterling to funding tool kit ◆ Deal the second largest in the currency after Alphabet's own debut ◆ Trade prices tight but higher price needed for size

◆ Five-part debut draws more than €21bn of peak orders ◆ Uber offers diversification from hyperscaler-heavy US supply ◆ Issuer leaves concessions on table to secure size

◆ Bank issues amid heavy supply from US tech companies in euros and sterling ◆ Dual tranche structures takes the maximum volume eyed ◆ Second largest YTD public issuance achieved by US FIG sector

◆ Extends sterling curve by 15 months ◆ BMO 'well liked, well followed' name, lead says ◆ Lower NIP paid than on recent sterling trades

Four-part deal could come as soon as Wednesday, adding sterling as Amazon’s fifth funding currency

The deal could help refinance Uber’s recent $14.8bn takeover of Delivery Hero

Non-US banks continue dollar funding ahead of congested post-Labor Day market

◆ First euro deal for US manufacturing group since 2016 ◆ More than €7.4bn of peak demand backs three-part deal ◆ Attractive euro funding levels lure more US issuers