North America
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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
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◆ 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
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Issuers take in small concessions and big books, as bankers ask after long maturity trades
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◆ 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
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Volatile market proves little obstacle for long maturity funding
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Canadian banks are expected to be one of the largest issuer groups in the asset class as they diversify across currencies
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Higher rates and rallying equities drew US companies back to the asset class
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◆ Rate cut expectations raise appeal of bank debt ◆ NBC and Ally Financial push annual issuance to $593bn ◆ Yankee and US regional banks expected to lift supply in 2024
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Dovish guidance from the Federal Reserve has boosted the US high grade market
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Issuance is expected to slow ahead of the last Fed meeting of 2023
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IG corporate volumes top €2bn this week as demand continues to outstrip supply
