US dollar

We would welcome your feedback on the outlook for the SSA market

◆ Final terms fixed from the get-go ◆ Second opportunistic dollar trade from the sovereign ◆ Home euro market having ‘terrible day’

◆ Low redemptions led to lower supply in 2024 ◆ Canadian banks could return to refi ◆ Dollar supply to more than double in 2025

◆ 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

◆ 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

New facility double the size of deal being refinanced

Financial borrower pushes close to fair value as investors flock to five year note

Supply eased in recent weeks after late summer burst

Market participants to unleash issuance across the capital structure in second half of November

Two more major US banks issue bonds but three do not despite spreads at post-GFC tights

◆ Deal sees $4.25bn in demand ◆ Good value versus tier one SSAs ◆ Short-end dollar attracts interest

◆ 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