US dollar

◆ BPCE and Handelsbanken print first Yankee bonds of the year ◆ Citi increases perpetual size after $4.6bn book ◆ Flurry of activity from US insurers

◆ Books show high demand for major banks' debt capital ◆ DNB saves with annual coupon pricing ◆ Barclays takes out €1.5bn at 5bp-10bp NIP

The largest order came from an account new to the name

Tokyo also made an appearance in dollar market with fixed rate deal

Monegasque shipper took unusual approach for IG company by seeking approval to repay portion of loan early

Dollar paper trades wider than euros, but issuer is happy to pay up to diversify

◆ Quick fire from the US bulge bracket bank makes this its second deal in May and fourth this year ◆ NatWest returns with senior opco Yankee a week after blowout AT1 ◆ CPI report improves market conditions

Core currency primary supply accelerates across the board

Santander shows big AT1 deals work best alongside tender offers

◆ Favourable dollar market draws foreign and domestic FIG issuers ◆ NatWest chooses dollar for AT1 to achieve best post-swap cost ◆ String of senior issuance also offers rare five year FRN

Crowd of issuers finds deal windows as backlog starts to clear

◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls