North America

◆ 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

Row of solid trades after rates wobbles sets up next week’s issuance on good footing

Canadian lender looks to narrow its spread to larger peers

Move in basis swap rate brings Swiss franc funding costs in line with core markets

◆ Japanese lender moves first in dollars before CPI roils rate cut expectations ◆ Conditions stabilise by Thursday as Jefferies brings its largest bond ◆ New supply to follow April 12 bank earnings

Provincial issuer grabs one of the biggest order books among the Canadians this year

Cigarette maker joined by Asahi, Cadent, Duke and Porsche in rip-roaring day

Promise of arbitrage draws foreign borrowers to Swiss franc market

Strong demand helps market overcome rates volatility

Issuance to pick up, but funding officials could favour more attractive senior unsecured deals

◆ 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

Latest Canadian issuer in euros finds little competition