United States
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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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French utility stood out in a muted US corporate bond market this week
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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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◆ 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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Cigarette maker joined by Asahi, Cadent, Duke and Porsche in rip-roaring day
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Strong demand helps market overcome rates volatility
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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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◆ 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