North America

Attractive market across the capital stack prompts expectations for foreign bank supply until the very end of August

Canadian issuer has ticked most benchmark markets so far this year but the work is not done yet

◆ Europe's corporate bond market braces for US tech issuance surge ◆ Canada makes move for EU regs equivalence but to what end? ◆ Middle East private placements here to stay... but will take up less room

M&A could be much needed shot in the arm but dollars expected to dominate

AbbVie and Alphabet drive dollar supply towards its busiest August since 2020

In terms of size, the trade came in second after its $8bn record from March this year, and bigger than the $6.5bn in November 2024

Canadian issuers and investors like the idea of cheaper access to Europe's covered bond market but their European peers are less enthused about Canada

Issuance from smaller domestic borrowers dominated the week's new issuance in the dollar market

◆ Strong local demand shows eagerness to buy Aussie covereds at new, tighter levels ◆ RBC prices in line with CIBC's reopener of dormant sector ◆ Onshore demand seen supporting issuance up to five years

◆ RBC to follow compatriot CIBC with five year public deal ◆ Earlier trade 'corrected' scarce supply, achieving high oversubscription ◆ Both banks appear ahead of expected local regulatory changes to covered bond treatment

◆ Telco takes size in euros and duration in sterling ◆ Elevated premiums paid at the long end ◆ Sterling tranche AT&T's first since 2018

Large and small US banks add perpetual capital to their funding mix amid tight spreads