US dollar

Front-loaded funding and an uncertain rates outlook have left investors short of papers

New issue volume surges while key metrics improve as market backdrop turns supportive

◆ Fragile US-Iran peace gives risk assets an excuse to rally ◆ Canaries debuts amid clash over Spanish regionals' run ◆ Dollars run dry as borrowers eye late June pre-funding, summer lull

Issuers rewarded with tight pricing

More US banks have used callable format for opco dollar issuance this year

◆ Debate whether priced through US Treasuries ◆ Tighter than fixed ◆ Tenor handed investors optically pleasing spread

◆ Spread set at starting level ◆ Floor in sight for agencies ◆ 'Success for Kommuninvest'

Hybrid capital is open to the big US tech companies. But who needs an umbrella when the sun is shining?

◆ Sharp landing through a noisy open ◆ Grinding towards US Treasuries ◆ Bankers praise execution but warn of residuals building

‘Very normal market’ despite ongoing war and volatility to support another wave of new issues

◆ Province's Greg Horan and Jason Lewis on new £1bn six year line ◆ Captured first-mover advantage ◆ Last minute pivot from US dollars to sterling paid off

Bankers say the ambition to price the first SSA bond through US Treasuries has faded as recent five year deals stall and barely perform in secondary