US dollar
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Seasonal slowdown sees demand cluster in one to six year vanilla private placements -
Deal is a mix of green private placements, term loans and revolving credit facilities
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◆ Chinese bank treasury shift from USTs to dollar callables considered ◆ Some European SSAs face cross-currency limitations ◆ Previous market staple 'almost non-existent'
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Activity brewing suggests loan deal making will pick up later this year
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Concentrated pre-Fed funding drives July FIG issuance in the US to over $50bn
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◆ 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
