North America

Autumn funding will start early and fast, but geopolitical risk abounds

Early refinancing is adding more pressure on already tight corporate spreads

◆ Slightly positive overall mood in markets on Monday ◆ Biden dropping out has no immediate impact but volatility may come later ◆ Potential issuers monitoring Monday's market moves

◆ US bank matches its own record for the largest FIG deal of 2024… ◆ …as investors lap up further domestic and foreign paper ◆ Issuance also includes subordinated fixed and perpetual debt

Safe senior bonds are all well and good — but refinancing capital will show just how far investors' appetite for property-heavy banks goes

Company makes easy work of a market missing deals

◆ BFCM becomes first French bank to print Yankee after parliamentary election ◆ Foreign banks rush before major US peers expected to swarm market ◆ Athene raises dollars days before pulling a euro deal

Issuers both land big books as market quickly shrugs off French election volatility

As supply becomes scarcer, it will be easier for companies to sell dirty debt as green

◆ 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

Highly rated names land smooth trades after investor demand showed signs of weakness for corporates last week

Issuer cannot tighten from initial price thoughts as market remains hostile to lesser known names