North America
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UBS headquarters among deals in enthusiastic SASB market -
◆ Priced over Austrian govvies ◆ Scarcity and business model help demand ◆ Saskatchewan targets 10 year
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Banker had worked at DB for 14 years
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◆ Choice of three or five year tenor considered ◆ 'Intensive schedule' of investor meetings pays off ◆ Other CAD issuers likely to be 'inspired' by deal
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US FIG issuance spikes above $90bn ahead of expected Fed rate cut
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Market participants hope more jurisdictions will follow as Canadian duo attract record demand
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Loan market tranquil but outlook is not pretty
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Banks see opportunities in supporting direct lenders' ESG loan initiatives
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◆ Possible record demand for first non-UK benchmark since PRA debacle in April ◆ Deal lands flat to fair value and euros ◆ Market hopes more names will follow
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◆ Engie electrifies orderbook ◆ Deal lands flat to or a touch wide of fair value ◆ Frontloaded issuance forecast for next week
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Big deals offer a chunky margin to fee starved lenders
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◆ TD prints largest euro deal for a year ◆ Strong demand for rare three year notes ◆ Minimal premia needed
