US dollar

Core currency primary supply accelerates across the board

Santander shows big AT1 deals work best alongside tender offers

◆ 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

Crowd of issuers finds deal windows as backlog starts to clear

◆ 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

Possible supra dollar trade could be among next week's deals

Mining, industrials and chemicals flagged as sectors ripe for debt-funded consolidation

◆ 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

Issuer has more to fund this year than last, as Canadian SSAs ramp up borrowings

Public sector issuers manoeuvred a US sell-off with euro issuance slated to pick up

◆ 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

Online pharmacy concludes the issue of convertible bonds, a delta placement and a tender offer