North America
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More supply is set to come during the busiest November on record -
◆ Montreal bank taps sterling for second time in 2025 ◆ Aussie comps considered ◆ Order book shrinks from £820m peak
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Issuance was front-loaded into the first three days of the week in the FIG dollar market as issuers got ahead of Thursdays US non-farm payrolls report
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The issuance of bank hybrids underlined the continuing strength of the dollar market after the reopening of the US federal government
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Rocketing AI infrastructure spend set to drive more US tech giants to Europe for funding
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◆ 'Amazing,' says rival banker ◆ Lack of 10 year issuance helped ◆ Pipeline for next two weeks 'looking good'
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Standard Chartered raised $1bn AT1 with none to call next year
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Verizon and NextEra's jumbo hybrids could entice more US issuers to follow
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◆ First euro bond for NextEra ◆ Spreads tightened on both tranches ◆ Hybrid supply in euros doubles year-on-year
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◆ US issuer prints five and 10 year bonds ◆ Spread squeezed tighter on both tranches ◆ Reverse Yankee volume up 35% year-on-year
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◆ US bank offers its second €4.5bn triple trancher this year ◆ Follows BofA's big deal in October, but pays premium ◆ US bank euro funding rockets to multi-year high
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◆ US telecom launches dual currency debut ◆ Largest hybrids in both currencies since 2020 ◆ Sub/senior spread remains narrow
