United States

US high grade supply topped $54bn in April, Dealogic data shows

Real estate rehab continues as deals squeeze into narrow windows

T-Mobile and General Motors slash their spreads as Reverse Yankee demand stays high

US high grade issuance was muted this week due to earnings blackouts and a fresh sell-off sparked by inflation fears

◆ Volatility spikes across markets and asset classes ◆ Citi differentiates from peers by funding at short end too ◆ Amex shows demand for FIG bonds as it issues senior and subordinated debt with negative NIP

Reverse Yankee issuers find far calmer market than a week ago

The French utilities company was one of the few corporate borrowers to tap the US market this week

French utility stood out in a muted US corporate bond market this week

◆ 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

◆ 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

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