Americas

Earnings blackouts hit dollar market

Largest ever US bank capital deal sold this week as another big perp also appears amid hunt for yield

◆ Citi and Wells Fargo opt to issue in euros before dollars ◆ Citi's offer described as first post-GFC euro tier two from a US bank ◆ Both banks achieve competitive funding in 'green flashing' euro market

◆ Huge demand for second euro bond ◆ 'Remarkable' result a reflection of strong market ◆ Bond immediately performed, dragging peers tighter

CIBC raises deeply subordinated debt capital in dollars as diverse set of foreign lenders print senior bonds

NTT follows European leg with $11.25bn trade

Uncertainty lifted for now but problems only kicked down the road

◆ Canadian lender completes biggest euro funding since 2020 ◆ Third deal in Canadian bank series ◆ Euro proves 'attractive' for these issuers

Peugeot Invest sells remaining Spie shares at tight discount

Half year FIG issuance, powered by more than 50% Yankees, reaches record $307bn volume

Only two companies brought dollar bonds in short week

Some borrowers are taking a break but others are taking it seriously