North America

US covered bonds could fill the triple-A rated void left by the sovereign's downgrade

◆ Single digit premium paid ◆ Slim pick up offered over Canadian peers ◆ Canadian covered paper lower in euros this year to date

◆ British Columbia and Paris print 15 years ◆ Ico tests tight spread versus Spanish govvie ◆ IDA brings rare euro five year

French deal lands close to its euro curve

Long end of curve proves to be the strong end

Asset class war breaks out as FIG market complains Reverse Yankees are stealing investors away from their deals

Issuer takes size at a competitive price on first foray into Swiss francs

◆ Each issuer prints larger deal than usual ◆ NWB comes after BNG five year ◆ Quebec gets huge book

◆ US companies Pfizer and McDonald’s raise euros ◆ Pfizer pays zero concession but some thought it looked cheap ◆ McDonald’s cooks up almost €4.7bn book at peak

Canadian borrower mandates for deal ahead of what is forecast to be a big week for issuance volumes

Federal Reserve kept rates steady but only one company emerged after FOMC meeting

◆ Handful of European banks go Stateside after quarterly earnings ◆ Some revisit dollar funding despite it not offering best relative cost ◆ HSBC goes for size as its triple trancher surpasses BofA's $5bn print