North America
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All three 2026 dollar covered bonds issued in past fortnight as issuers adapt to market conditions -
◆ US connector producer brings five year deal ◆ Books peak above €4bn and stay firm ◆ Corporate supply slows as volatility keeps issuers on the sidelines
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Executive is moving to more senior role
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Higher yielding bank capital remains popular in dollars as HSBC stretches out to a 10 year non-call period
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The US dollar market buoyant this week despite escalating hostilities in the Middle East
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◆ Deal came after recent Ontario 10 year ◆ Ontario underperformed but still a key comp ◆ Some price sensitivity? No bother
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Concessions climb as Middle East war rocks sentiment and Amazon redefines clearing levels
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◆ First unsecured euros FIG deal in 17 days ◆ Inaugural green tranche from BMO ◆ Concession left on both tranches
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◆ Corporate bond market fizzes with multi-tranche, multi-currency deals ◆ Marketing helps spur strong outcome ◆ Proceeds to fund coffee subsidiary spin-off
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Investors more than willing to spread the love to other issuers despite hyperscaler's vast bond sale
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◆ €14.5bn deal largest ever from a corporate in the currency ◆ Investors pledge strong demand for all eight tranches ◆ Some pickup paid over Alphabet
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◆ Fast food firm leaves nothing on the table ◆ Trade extends McDonald's euro curve ◆ Reverse Yankees dominate euro IG corporate flow
