US dollar

Issuer will move to focus on euro and Kangaroo markets for rest of 2024, though another dollar deal is also on the cards

Commercial real estate worries creep back into investors’ minds but rate cut hopes and need to place cash prevail

Investor demand gives borrowers free rein

Primary activity is set to ease into next week as Lunar New Year holidays take place

◆ Swiss bank launches sale into hot demand for bank capital ◆ CS AT1 wipe-out drives need to issue ◆ Final demand around $12bn

Luxembourg-based supra leads Tuesday’s deals as EDC and Land NRW also enter market

◆ Swedish lender prints $650m Reg S deal well inside fair value estimates ◆ Jyske prices largest ever AT1 deal ◆ Lower volume of Nordic capital supply and benign market conditions act as tailwinds

◆ Higher rates and dollar push-back no hindrance to bank capital deals ◆ ING prints oversubscribed $1.25bn Reg S AT1 ◆ Danske's first tier two since 2021 pricing close to fair value

Borrowers from both sides of the Atlantic make their second or third appearances this year

Vienna-based supranational hopes to maintain regular issuance as it plans to gradually fund more in coming years

◆ New York Community Bancorp reports loss and shares tank, prompting fresh fears for health of regional banks ◆ January ends strong month for US FIG issuance ◆ European Yankees expected to return from next week

The multilateral lender is set to take $750m from a new type of product for SSAs