US dollar

UK lender adds to Yankee invasion as domestic trio go super long

Turkish banks are bolstering capital stacks ahead of accounting changes next year

◆ Large book for small tap ◆ Flight to safety helps swap spreads ◆ L-Bank grabs $1.25bn

Turkish bank is tendering the 2027 bond it didn't call in 2022

Massive market swings make analysing new issue premiums a challenge

Hot market conditions encourage pre-funding, amplifying borrower dilemma ahead of busy January

HSBC leads Yankee charge as banks took advantage of tight spreads to bring forward 2025 funding plans and fulfil some of their riskier commitments

◆ Deutsche prints popular €1.5bn deal as investors fight for higher absolute yield ◆ Yield chase prevalent in dollars a day after return of tier ones ◆ SocGen, NatWest market dollar AT1s

◆ Issuers add tier two debt amid lower relative cost to senior layer ◆ Danske Bank prints in euros at no premium as Nordea said to have garnered largest size locally ◆ BNPP, HSBC and Westpac target dollar market

Banks celebrate Trump win amid hopes of looser regulations

Dollar corporate spreads hit tightest level since 90s despite rates leaping

No tightening in sight but stability hopes rise as market digests US and German political upheavals. Next EU deal to offer direction