United States
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◆ Quick fire from the US bulge bracket bank makes this its second deal in May and fourth this year ◆ NatWest returns with senior opco Yankee a week after blowout AT1 ◆ CPI report improves market conditions
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The US pharmaceuticals group joined a diverse group of issuers in the market this week
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Covivio, Timken and Merck & Co keep corporate issuance going
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‘Definitely more’ corporates seeking ultra-long maturities
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Tesco comes for sterling as deals find decent demand after a riotous Tuesday
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Deals of all stripes find a home with 17 euro tranches launched
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Books bulge as market starts blockbuster week
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Week promises fireworks as more US names and another airline join the melee
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Borrowers market euro benchmarks on Friday ahead of bustling week for issuance
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◆ Favourable dollar market draws foreign and domestic FIG issuers ◆ NatWest chooses dollar for AT1 to achieve best post-swap cost ◆ String of senior issuance also offers rare five year FRN
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Small deal sizes but ambitious maturities tipped as route to success
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A flood of US high grade issuers tapped the market this week
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Coca-Cola, WP Carey and Kellanova land rapturous responses in a mostly shut week
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US high grade supply topped $54bn in April, Dealogic data shows
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Real estate rehab continues as deals squeeze into narrow windows
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T-Mobile and General Motors slash their spreads as Reverse Yankee demand stays high
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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
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US high grade issuance topped $314bn in the first quarter of 2024
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Equity market rally and anticipation of rate cuts fires up New York's primary convertible market
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Corporate supply in the first quarter of 2024 may surpass the first quarter of 2020
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◆ US insurer’s jumbo $6bn multitrancher propels dollar FIG volume to almost $240m in the first quarter ◆ SocGen raises $1bn AT1 capital ◆ AIB reinforces Yankee issuance on Thursday
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European bond spreads have come in from highs, but effects of Hindenburg report remain
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Swiss franc market offers size to issuers willing to flex on price
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US data centre had set size on €500m bond when Hindenburg Research report forced cancellation
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Banco Santander printed its first trade of the year as Yankee banks continued to hit the dollar market in force
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The US high grade market shrugged off this week’s inflation data
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Whether Shein’s potential IPO splash in London will be a positive for the market will depend on the SEC’s reason behind a possible rejection
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Nestlé and Roche led another bumper week for US high grade issuance
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LivaNova and MicroStrategy ride US tech convertible wave as maturity wall pushes issuers to refinance
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New York is making it hard for Chinese ultra-fast fashion giant to list but London may be open
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◆ Eight foreign banks raise more than $18bn in three days as BMO adds another $1bn to multiple perps ◆ M&A funding also boosts February FIG volume to over $50bn ◆ Slow down felt by Thursday as spreads widen
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Falling inflation and resilient US economy have driven a dramatic rally of risk assets
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Following a blistering start to the year, there are signs of investor fatigue
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Reverse Yankees tighten during bookbuilding, but deal glut means exuberance is gone
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Deal pile up means days of 40bp tightening during bookbuilding could be over for now
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Sharp spread tightening still possible despite slew of trades lining up
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Lossmaking Swiss solar cell manufacturer is scaling back production in Europe, opening in US