US dollar

A rush of US banks hit the primary market after full year earnings reports

◆ Austrian issuer ‘monetised’ recent bonds’ performance ◆ Spread to KfW smaller than usual ◆ Book was of top quality

◆ LatAm development bank back with a bang ◆ Multiple records broken despite heavy spread tightening ◆ Pricing is 'in line with more established names in core jurisdictions'

◆ Specialist CRE lender raises capital to replace AT1 it kept extending since 2020 ◆ Outcome seen as positive for banks involved in the CRE lending ◆ Dollar funding comes some 300bp below euro AT1 coupon

Shariah-compliant credit facility expected to play 'pivotal role' for the borrower

◆ Only one way to assess fair value ◆ Strong market continues to surprise ◆ Spreads ‘so compressed’ in dollars

◆ Canadian province smashes size record ◆ It becomes large, benchmark issuer ◆ Record book with ‘a fantastic mix’

◆ KfW to price with tight Treasury spread ◆ BNG ‘able to sufficiently differentiate itself’ ◆ Massive books continue from last week

Early signs of a milder start to public bond issuance in 2025 than last year, but with one important caveat

◆ Sentiment towards CRE exposed issuers far cry from February 2024's lows ◆ Aareal eyes replacing AT1 it has extended since April 2020 ◆ Switches from euros to dollars due to costs

Mandates flood in for dollar and euro deals as EU prepares to offer dual-tranche deal

Risk shifted from lending banks to insurance companies