North America
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Standard Chartered raised $1bn AT1 with none to call next year -
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
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◆ Second euro outing for Alphabet after April debut ◆ Spread tightened sharply across tranches ◆ Colgate brings €650m trade
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UK bank trio stands out in heavy Yankee onslaught either side of Fed meeting
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◆ US consumer goods giant prints eight and 20 year paper ◆ Spread tightened more than 30bp on both legs ◆ More Reverse Yankees expected later this year
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Investors are eager to put cash to work in FIG bonds even though last week ended with concerns about bad loans
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◆ Nearly $12bn of orders for long-dated dollar deal ◆ Official money places chunky bids ◆ Bond performs, pulls peers’ spreads tighter
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Credit spreads widen on private credit concerns though technicals remain favourable
