United States

Missing US issuance could return to feed European investors ‘crying out’ for supply

US drugmaker's multi-tranche deal kicked off a week heavily front-loaded with deals

Belief the Fed will cut rates by 25bp to 50bp in September hold firm

Bankers convinced European bond markets will shrug off short term volatility around US election

◆ Little impact from election expected, but issuers don't want to risk it ◆ Vanishing number of issuance windows remain

Corporates price highest daily volume after market volatility brought the market to a standstill

Flight-to-quality fully on show in European government bond yields and spreads

US Treasury yields slumped following Friday's lower than expected US jobs numbers

Autumn funding will start early and fast, but geopolitical risk abounds

Early refinancing is adding more pressure on already tight corporate spreads

◆ Slightly positive overall mood in markets on Monday ◆ Biden dropping out has no immediate impact but volatility may come later ◆ Potential issuers monitoring Monday's market moves

◆ US bank matches its own record for the largest FIG deal of 2024… ◆ …as investors lap up further domestic and foreign paper ◆ Issuance also includes subordinated fixed and perpetual debt