Wells Fargo Securities
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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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Second largest outing from a single deal for the WB since 2021
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◆ JPM, WF and MS break single day self-led FIG record with $23bn funding ◆ BofA prepares $5bn Thursday deal as GS and Citi’s anticipated supply expected to break January record ◆ BFCM’s $1bn is sole FIG Yankee
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Supranational issuer attracts strong demand in second syndication of the week
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Issuer keeps an open mind but there is unlikely to be a ‘huge chance’ of the hybrid deal being done this year
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AfDB and Kommuninvest stay in the three to five year part of the curve
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Public sector borrowers will slip into the market ahead of the US Thanksgiving holiday on Thursday
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◆ 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
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The issuer has wrapped up its fixed rate dollar benchmark funding for 2023 but will continue to fund in other formats
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NIB lands tight pricing as IADB goes long
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◆ Low concessions paid in the first part of the week ◆ Market tone worsens after US downgrade and rates volatility ◆ Wells Fargo chooses quick return for opco funding
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The Yankees might be coming as dollar AT1s show allure to foreign issuers
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◆ US bank sells first dollar preference share deal since March banking turmoil ◆ Investors flock to tightly priced print ◆ Yankee banks unlikely to follow given higher yields for foreign names
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Deal grows to $3bn, with minimal new issue premium
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Issuers target both the short and the long ends of the dollar curve
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US bank is stepping up its focus on Asia debt markets
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Fourth biggest bond ever needed new pricing approach to work
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High quality borrowers return to dollars as Bank Mandiri brings first FIG deal since banking fears began
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As Women’s History Month continues, we take a closer look at how women have carved a space in a male-dominated industry and the obstacles they overcame along the way
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Greater China issuers dominate this week’s supply, as rare Indian credit HDFC Bank also returns after almost a decade
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Investors worry about poor results and recession
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Regal Rexnord unleased the first jumbo M&A financing of the year as corporates front-loaded supply ahead of the US inflation report
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Issuer aims to diversify as peers bring hefty supply in euros and dollars
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Ex-BNP Paribas banker is head of Asia syndicate at the US bank