North America
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Diverse deals hit US market as investors look for yield pick-up across issuer types and formats -
◆ Five year 'would have been simple option' ◆ Building on success of World Bank ◆ Swap spreads steady despite heavy issuance
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◆ Issuer's first euro 10 year for a while ◆ 'Exceptional investor base' built over the years ◆ Pricing tighter than OMERS and provinces in secondary
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Insurance firms and less frequent borrowers dominate issuance
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Internationally focussed borrowers could fare better under higher tariff regime
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Activity brewing suggests loan deal making will pick up later this year
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Concentrated pre-Fed funding drives July FIG issuance in the US to over $50bn
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Issuer reaps ‘pleasant and unexpected reward’ from new NZ dollar deal
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Strong corporate demand bodes well for the rest of the credit market
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◆ First offshore deal in sterling since PRA debacle in April ◆ Canadian undersupply driving demand ◆ Euro still better despite the UK Treasury's equivalence plans
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