US dollar
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Concentrated pre-Fed funding drives July FIG issuance in the US to over $50bn -
◆ Deal follows $3bn issue in February ◆ Swiss regulators may demand much more capital ◆ Similar structure to last deal
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Near-term rate cut expectations decline in dollars and euros
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Market all but certain US rates will be on pause this week, while looking for clues for September
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Issuers pile in to market near multi-year tights
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◆ Expectations for ECB rate cut decline ◆ August 18 issuance restart expected ◆ Dollar pipeline builds as Japan SSAs 'cheap'
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American Express led another busy week for FIG supply as bank borrowers took advantage of investors looking for extra yield by topping up with additional tier one capital.
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◆ Spread tightened through fair value ◆ Dollar investors shrug off yen swings ◆ JFM endures dollar-yen basis move
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Market participants ‘certainly won’t get bored’ during quiet weeks for issuance
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Issuer weighs up currency costs and sentiment
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