US dollar
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Missing US issuance could return to feed European investors ‘crying out’ for supply
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Growing disbursements drive $13bn-$15bn annual funding programme and new opportunities
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UK lender became first Yankee bank to print a dollar trade since the end of July
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◆ UBS's recently issued AT1s have outperformed ◆ Future AT1 supply expected as capital requirements increase ◆ Analysts update performance recommendations after quarterly report
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Market watches for US CPI and shapes expectations on new issue concessions
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Corporates price highest daily volume after market volatility brought the market to a standstill
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Supplementary budget could see €1bn-€2bn of additional borrowings later this year
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Primary Market Monitor data from last January and August-September 2023 could give clue to market reopening later this month
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A three or five year benchmark is expected as agency enters autumn 80% funded
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Autumn funding will start early and fast, but geopolitical risk abounds
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Agency wraps up a busy July and heads into the autumn with €5bn-€6bn to fund
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Issuer left with ‘a lot of flexibility’ after actively pre-funding earlier in the year