US dollar
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◆ June CPI fuels spread tightening ◆ Foreign banks opt for short end dollar funding ◆ RBC copies rival TD's early week foray -
◆ Inaugural public yen bond follows euro FRN and Yankee deals ◆ Yen funding comes close to dollar levels ◆ Gives TD longer funding than what it raised in dollars
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Issuer attracts over $11bn in demand after last issuing a similar deal in 2018
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Issuer hopes the new deal opens doors for longer transactions to come
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Issuer becomes only one of a handful of SSAs to print a decade dollar deal in 2023
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Both issuers are issuing their longest tenors so far this year
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◆ Yankees dominate with over $8bn supply ◆ Foreign borrowers target window before NFP and US bank results ◆ Japanese financial institutions bolster TLAC needs
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Issuer prices at 'tighter end of range' as it gets new funding task underway
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Deal grows to $3bn, with minimal new issue premium
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◆ Foreign trio raises $6.5bn this week as Mizuho eyes $2bn ◆ Dollar takes ‘sweet spot’ for major banks over euros ◆ Sentiment for Yankee issuance keeps improving
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Issuers target both the short and the long ends of the dollar curve
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◆ UK bank shows affinity for tier two dollars ◆ Improved US market lures foreign bank capital issuers ◆ US market has great depth
