US dollar

◆ Prices tight to US Treasuries ◆ Swap spreads move during bookbuilding ◆ It would 'not have been good' to be in euros

UK bank kicks off 2025 funding with $8.5bn raised across the capital structure

Issuance in the currency expected to increase next week

A consortium of 12 banks were involved in providing the facility

◆ New week starts with UK banks painting a 'good and rosy picture' for AT1 sales ◆ Lloyds offers the year's first sterling AT1 ◆ HSBC moves towards sub-7% mark in dollars

Issuer spots strong appetite from traditional investors amid net negative supply

Investment-grade corporates ramp up dollar issuance after blackouts end

◆ Issuer takes home more than the usual $2bn ◆ Single-digit spread to US Treasury at landing ◆ Dollar investors still attracted by spreads to swaps, yields

Average spread to swaps up compared to early 2024 while spreads to govvies trend downwards

◆ Strong market for subordinated bank debt in euros and dollars ◆ Investors buy ‘undersupplied’ UniCredit AT1 at multi-year low yield in the asset class ◆ Barclays, SMFG and ENBD target dollar AT1 buyers

Deal replaces facility due to mature next year

Outstanding subordinated debt totalling billions of euros no longer has equity credit