North America

The US high grade market has had its busiest start to the year ever

Bankers disagree about whether fatigue for 10 year deals is growing

◆ US FIG January volumes reach $112bn ◆ Highest month ever within sight ◆ Bank of New Zealand the sole Yankee issuer this week

Lockheed Martin led a busy week for US high grade issuance

Overwhelming demand has led to an unusual upsizing of a no-grow deal this week

Foreign investment in Israel ground to a halt when the war with Hamas began in October

◆ 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

Three aircraft leasing companies and US Reit Prologis were among the supply this week

Another Nordic issuer also appeared in euros for the first time in 2024

◆ Foreign quartet prices $9.25bn across the capital stack in three days ◆ SocGen joins the post-CPI flow on Thursday ◆ US money-center banks expected to unleash issuance after earnings

Issuers take in small concessions and big books, as bankers ask after long maturity trades

◆ European banks lead issuance with focus on senior funding ◆ Market wobbles prove funding more challenging than expected ◆ Foreign banks’ capital raising is one prominent feature