US dollar

◆ Deal marketed at a price to sell ◆ Structure suggests UBS is optimising funding volume ◆ Reluctance to buy Swiss AT1s remains but fixed income markets are recovering

◆ Better market mood suggests more FIG capital issuance on the cards ◆ BBVA goes for longer tier two in dollars ◆ Some suggest UBS will issue AT1 as early as Wednesday

New US investors are coming to the table as resurgent volumes are eyed

US bank’s $6bn two-part opco/holdco deal, joined by Santander and Standard Chartered Yankees, pushes October FIG volume to $54bn

Issuers face wider initial pricing and weaker bookbuilding

Primary deal flow expected to resume next week, but amount raised will be small

Hessen prices €250m tap as market braces for a week of data drops and central bank meetings

Despite rush of agency deals in dollars, pinpointing fair value is hard

German issuer returns to dollar long end after a three year hiatus

Dutch agency will fund the remaining €1bn of its target mainly through smaller trades

◆ Bank pushes forward to raise capital outside of home market ◆ $750m deal rumoured close to 15 times covered at peak book ◆ Deal benefits from government support making it different to other AT1s

◆ Investors primed to book US financials amid supply scarcity ◆ US banks lift $22.7bn in three days ◆ US Bancorp joins on Thursday, MUFG adds ultra-popular Yankee AT1