US dollar

Rates, asset-swap and treasury buyers drawn to sub-sovereign paper

◆ Canadian bank raises €2.25bn to push March US FIG issuance to $61bn ◆ Quarterly funding was second busiest ever at $254bn ◆ Swiss Re was lining up debut tier two with bail-in clause

◆ US insurer’s jumbo $6bn multitrancher propels dollar FIG volume to almost $240m in the first quarter ◆ SocGen raises $1bn AT1 capital ◆ AIB reinforces Yankee issuance on Thursday

Public sector market eyes fresh start in April

Latest Primary Market Monitor data examines issuance trends in February and March

Beijing-based MDB has crossed the half-way mark of its record funding programme

◆ Barclays unlocked strong long-end demand for its first dollar trade of 2024 ◆ BlackRock raised $3bn as FIG supply booms

SSAs look increasingly expensive versus government benchmarks, raising the question of when investors will stop buying

Issuer estimated 2bp of premium, while onlooking bankers saw 0bp-2bp

Head of capital issuance, Richard Staff, and global head of bond syndicate, Hussain Zaidi, speak to GlobalCapital

◆ Eight foreign banks raise more than $18bn in three days as BMO adds another $1bn to multiple perps ◆ M&A funding also boosts February FIG volume to over $50bn ◆ Slow down felt by Thursday as spreads widen

Danish agency scored largest ever book and at a tight spread to US Treasuries