US dollar
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◆ Quick fire from the US bulge bracket bank makes this its second deal in May and fourth this year ◆ NatWest returns with senior opco Yankee a week after blowout AT1 ◆ CPI report improves market conditions
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Core currency primary supply accelerates across the board
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Santander shows big AT1 deals work best alongside tender offers
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◆ Favourable dollar market draws foreign and domestic FIG issuers ◆ NatWest chooses dollar for AT1 to achieve best post-swap cost ◆ String of senior issuance also offers rare five year FRN
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Crowd of issuers finds deal windows as backlog starts to clear
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◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls
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Possible supra dollar trade could be among next week's deals
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Mining, industrials and chemicals flagged as sectors ripe for debt-funded consolidation
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◆ Volatility spikes across markets and asset classes ◆ Citi differentiates from peers by funding at short end too ◆ Amex shows demand for FIG bonds as it issues senior and subordinated debt with negative NIP
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Issuer has more to fund this year than last, as Canadian SSAs ramp up borrowings
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Public sector issuers manoeuvred a US sell-off with euro issuance slated to pick up
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◆ Money centre banks drive $25bn-plus three-day issuance rush ◆ Goldman first refinances capital with new, cheaper deal and then returns for senior funding ◆ RBC debuts its most subordinated debt in US dollars
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Online pharmacy concludes the issue of convertible bonds, a delta placement and a tender offer
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Broker's decision to list on Nasdaq is the latest loss to London’s troubled stock exchange
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Issuer tested new pricing reference but plans to keep it flexible going forward
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Issuer lures three times subscription despite sell-off and will issue two or three further benchmarks
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◆ Japanese lender moves first in dollars before CPI roils rate cut expectations ◆ Conditions stabilise by Thursday as Jefferies brings its largest bond ◆ New supply to follow April 12 bank earnings
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Signal of June rate cut was expected
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Issuer intends to focus on conventional dollar bonds but euros and green deals are also possible
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Japanese agency was met with record demand as it extends curve
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Rates backdrop causing greater order book attrition in dollars as spreads grind tighter in euros
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◆ Canadian bank kicks off new quarter for US market after strong Q1 ◆ Local insurers fund in absence of bank deals ◆ Focus turns to US bank results
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World Bank, Ontario Teachers’ and Development Bank of Japan kept investors engaged after the holiday
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Rates, asset-swap and treasury buyers drawn to sub-sovereign paper
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◆ Canadian bank raises €2.25bn to push March US FIG issuance to $61bn ◆ Quarterly funding was second busiest ever at $254bn ◆ Swiss Re was lining up debut tier two with bail-in clause
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◆ US insurer’s jumbo $6bn multitrancher propels dollar FIG volume to almost $240m in the first quarter ◆ SocGen raises $1bn AT1 capital ◆ AIB reinforces Yankee issuance on Thursday
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Latest Primary Market Monitor data examines issuance trends in February and March
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Beijing-based MDB has crossed the half-way mark of its record funding programme
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◆ Barclays unlocked strong long-end demand for its first dollar trade of 2024 ◆ BlackRock raised $3bn as FIG supply booms
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SSAs look increasingly expensive versus government benchmarks, raising the question of when investors will stop buying
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Issuer estimated 2bp of premium, while onlooking bankers saw 0bp-2bp
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Head of capital issuance, Richard Staff, and global head of bond syndicate, Hussain Zaidi, speak to GlobalCapital
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◆ Eight foreign banks raise more than $18bn in three days as BMO adds another $1bn to multiple perps ◆ M&A funding also boosts February FIG volume to over $50bn ◆ Slow down felt by Thursday as spreads widen
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Danish agency scored largest ever book and at a tight spread to US Treasuries
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◆ Standard Chartered eyes investor appetite for European banks in dollar AT1 ◆ NatWest plans a dollar tier two issue
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BoE, ADB, KK and AFD follow peers into dollar mart after week of healthy demand
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Deal sets a pricing benchmark for SSA dollar green bonds in 2024
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◆ Mizuho and Westpac NZ the only FIG issuers in dollars this week ◆ After each raised $1.5bn in dual tranchers, monthly volume pushed to $28bn ◆ Market focus also on Capital One's acquisition of Discover
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Strong outing from supra despite swap-spread vol
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NWB Bank lands all-time record book
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French bank is a force in covered and overseas unsecured issuance
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◆ French bank double taps the dollar market to raise $4.75bn in senior and deeply subordinated debt ◆ BNPP attains its largest ever senior order book as demand reaches $15bn ◆ US insurance companies fund
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Signs of indigestion in the market after record buying from investors
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◆ Big premium at starting level erased completely by pricing ◆ Dollar destination of choice for AT1 issuers ◆ Second example of new structure from BNP Paribas
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US issuer lands 'outstanding' deal, prompts hopes it could spur Reverse Yankee issuance
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Euro bond investors put in orders 5.1 times the deal size as issuers smash records
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Issuer will move to focus on euro and Kangaroo markets for rest of 2024, though another dollar deal is also on the cards