North America
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Biggest trade of the year sees official institutions pile into five year tranche
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February’s first Reverse Yankee receives blowout demand
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US money center bank's perp propels systemically important firms' January issuance to near-$49bn monthly record
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Powell has every reason and every right to stick to his guns
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◆ First euro covered since 2023 ◆ Double digit saving versus dollars ◆ Recent non-eurozone supply a better comp than Canadian curve
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◆ Size was upsized after feedback ◆ Minimal premium paid ◆ Some bank treasuries excluded by callable SNP format
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Goldman Sachs took advantage of strong demand before passing the issuance baton to foreign banks and domestic borrowers
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Banks have dominated US bond markets so far this year but non-financial companies are preparing returns
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Market participants sceptical new Trump administration will take a gradual approach to tariffs
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◆ Sterling market still strong ◆ Fair value built out from peers ◆ US and Aussie dollar issuance to come
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◆ Canadian province smashes size record ◆ It becomes large, benchmark issuer ◆ Record book with ‘a fantastic mix’
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Mandates flood in for dollar and euro deals as EU prepares to offer dual-tranche deal