North America
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◆ Quick fire from the US bulge bracket bank makes this its second deal in May and fourth this year ◆ NatWest returns with senior opco Yankee a week after blowout AT1 ◆ CPI report improves market conditions
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The US pharmaceuticals group joined a diverse group of issuers in the market this week
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Covivio, Timken and Merck & Co keep corporate issuance going
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‘Definitely more’ corporates seeking ultra-long maturities
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Tesco comes for sterling as deals find decent demand after a riotous Tuesday
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Sub-sovereign issuers found support in an undersupplied market
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Deals of all stripes find a home with 17 euro tranches launched
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Books bulge as market starts blockbuster week
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Week promises fireworks as more US names and another airline join the melee
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Borrowers market euro benchmarks on Friday ahead of bustling week for issuance
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◆ Favourable dollar market draws foreign and domestic FIG issuers ◆ NatWest chooses dollar for AT1 to achieve best post-swap cost ◆ String of senior issuance also offers rare five year FRN
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Small deal sizes but ambitious maturities tipped as route to success
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A flood of US high grade issuers tapped the market this week
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Coca-Cola, WP Carey and Kellanova land rapturous responses in a mostly shut week
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The market will need a breather before follow-up trades in foreign currencies
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US high grade supply topped $54bn in April, Dealogic data shows
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Issuers should keep their peers in mind when tackling large borrowing needs
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Real estate rehab continues as deals squeeze into narrow windows
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Canadian bank will engage accounts in Sydney and Melbourne in non-deal roadshow
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T-Mobile and General Motors slash their spreads as Reverse Yankee demand stays high
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German issuer set to brave the market during a data and holiday filled period
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Fonplata, Province of Manitoba and AFL are the latest SSA issuers to look to Swiss francs
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US high grade issuance was muted this week due to earnings blackouts and a fresh sell-off sparked by inflation fears
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◆ Volatility spikes across markets and asset classes ◆ Citi differentiates from peers by funding at short end too ◆ Amex shows demand for FIG bonds as it issues senior and subordinated debt with negative NIP
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Reverse Yankee issuers find far calmer market than a week ago
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The French utilities company was one of the few corporate borrowers to tap the US market this week
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Issuer has more to fund this year than last, as Canadian SSAs ramp up borrowings
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French utility stood out in a muted US corporate bond market this week
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Asset managers should be drawn to high spread products from infrequent names
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◆ Money centre banks drive $25bn-plus three-day issuance rush ◆ Goldman first refinances capital with new, cheaper deal and then returns for senior funding ◆ RBC debuts its most subordinated debt in US dollars
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Row of solid trades after rates wobbles sets up next week’s issuance on good footing
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Canadian lender looks to narrow its spread to larger peers
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Move in basis swap rate brings Swiss franc funding costs in line with core markets
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◆ Japanese lender moves first in dollars before CPI roils rate cut expectations ◆ Conditions stabilise by Thursday as Jefferies brings its largest bond ◆ New supply to follow April 12 bank earnings
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Provincial issuer grabs one of the biggest order books among the Canadians this year
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Cigarette maker joined by Asahi, Cadent, Duke and Porsche in rip-roaring day
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Promise of arbitrage draws foreign borrowers to Swiss franc market
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Strong demand helps market overcome rates volatility
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Issuance to pick up, but funding officials could favour more attractive senior unsecured deals
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◆ Canadian bank kicks off new quarter for US market after strong Q1 ◆ Local insurers fund in absence of bank deals ◆ Focus turns to US bank results
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Latest Canadian issuer in euros finds little competition
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The deal appealed to asset managers looking for ‘spreadier products’
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World Bank, Ontario Teachers’ and Development Bank of Japan kept investors engaged after the holiday
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TD has been the only Canadian bank to visit the market this year so far
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Swiss franc bond investors take lower interest rates in their stride as hunt for duration continues
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◆ Canadian bank raises €2.25bn to push March US FIG issuance to $61bn ◆ Quarterly funding was second busiest ever at $254bn ◆ Swiss Re was lining up debut tier two with bail-in clause
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US high grade issuance topped $314bn in the first quarter of 2024
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Equity market rally and anticipation of rate cuts fires up New York's primary convertible market