United States
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Attractive market across the capital stack prompts expectations for foreign bank supply until the very end of August -
M&A could be much needed shot in the arm but dollars expected to dominate
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AbbVie and Alphabet drive dollar supply towards its busiest August since 2020
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In terms of size, the trade came in second after its $8bn record from March this year, and bigger than the $6.5bn in November 2024
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Issuance from smaller domestic borrowers dominated the week's new issuance in the dollar market
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◆ Telco takes size in euros and duration in sterling ◆ Elevated premiums paid at the long end ◆ Sterling tranche AT&T's first since 2018
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Large and small US banks add perpetual capital to their funding mix amid tight spreads
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Money centre banks pay to to land jumbo deals at sizes unheard of in euros
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Three money centre banks' big new funding comes at elevated premiums as market taken aback
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◆ Attractive level found versus dollars ◆ Pricing not so dear compared to secondaries ◆ Reverse Yankees dominate credit flow
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◆ Euro funding competitive with GS' dollar curve ◆ Large premiums left on all tranches ◆ Massive investor demand
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Deep, liquid US market offers issuers size, attractive cost and investor diversification
