US dollar
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◆ Three banks show keen desire to close strategic capital deals before November ◆ 'Outsized bid for high beta' continues to drive buyers to tightly priced capital ◆ Belfius prices in euros and SEB goes for dollars
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◆ US insurance company leads issuance with $5.2bn deal ◆ Bank of America lifts large chunk of subordinated debt ◆ Year to date FIG volume surpasses 2023's full year total after issuers frontload
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New facility double the size of deal being refinanced
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Financial borrower pushes close to fair value as investors flock to five year note
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Supply eased in recent weeks after late summer burst
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Market participants to unleash issuance across the capital structure in second half of November
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Two more major US banks issue bonds but three do not despite spreads at post-GFC tights
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◆ Deal sees $4.25bn in demand ◆ Good value versus tier one SSAs ◆ Short-end dollar attracts interest
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◆ Reg S only but multiple times oversubscription ◆ Issuer's first subordinated debt under new Swiss insurance solvency framework ◆ Zurich funds roughly flat to Allianz, though peer issued a larger bond
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Company acknowledges challenging road ahead amid massive $35bn raise
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◆ RBC leads European banks to funding in the US ◆ Once JP Morgan starts the third quarter bank earnings season local FIG bond wave could materialise ◆ This could keep market busy until US election
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Issuer-friendly mismatch in supply and demand masks the difficulty of timing the market