CIBC World Markets

◆ Foreign FIG issuance so far in 2024 outstrips last year’s volume by more than $20bn ◆ Multiple Canadian and Japanese lenders print ◆ US banks prepare capital plans after the Fed’s latest stress tests

Redemptions, limited supply and a favourable rates outlook created a window for the issuer

Not all issuers drew large oversubscriptions in mixed market

At least four issuers will price dollar deals of between three and 10 years on Tuesday

German issuer upsized the deal despite sell-off in rates

◆ Canadian bank kicks off new quarter for US market after strong Q1 ◆ Local insurers fund in absence of bank deals ◆ Focus turns to US bank results

Dollar SSA issuance to build, though euros offering tighter pricing for many

Issuer has done nearly €3bn of its €10bn programme and may return in March

Luxembourg-based supra leads Tuesday’s deals as EDC and Land NRW also enter market

◆ Duration and spread demand dictate investor demand even at tighter valuations ◆ Rabo exemplifies this trend into a €1bn 10.5 year SNP that was more than six times subscribed ◆ NBG and CIBC also print with arguably no concessions left

US dollar market helped the province to raise an equivalent of five to six domestic bonds

Banks seized the opportunity to fund in challenging markets ahead of a looming US government shutdown and increased rates volatility