North America

US domestic institutions take centre stage after global banks' big funding round

Funding director Jason Lewis and portfolio manager Greg Horan reflect on biggest ever Canadian provincial bond

Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’

Third Canadian province to come to the currency this year

Foreign banks took advantage of more stable bond market conditions amid a funding splurge by US banks after reporting bumper first quarter earnings

◆ Sterling market welcomes third unsecured FIG deal of the week ◆ RBC's 15bp price tightening is 'encouraging' for other issuers ◆ Relative value works well versus other G3 currencies

Huge order book allowed the issuer to increase size of five year dollar trade

Issuer had already pre-funded in dollars earlier this year

◆ US bank raises close to €2bn-equivalent in tier two debt ◆ Issuer attracts lots of attention and orders ◆ Market participants praise 'cool' deal

◆ Canadian retail chain lands euro bond close to equivalent dollars ◆ Some concession needed for first new euro line in two years ◆ Minimal attrition as issuer pushes through 100bp barrier

Canadian province to maintain market-friendly funding approach and 'meet investors where they want us'

◆ Couche-Tard and Louis Dreyfus line up seven year trades ◆ Roquette adds to hybrid queue ◆ Corporate pipeline swells, execution dependent on a shaky backdrop