US dollar

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

Company acknowledges challenging road ahead amid massive $35bn raise

◆ RBC leads European banks to funding in the US ◆ Once JP Morgan starts the third quarter bank earnings season local FIG bond wave could materialise ◆ This could keep market busy until US election

Issuer-friendly mismatch in supply and demand masks the difficulty of timing the market

◆ Issue takes large size from single tranche ◆ Tight US Treasury spread is expected ◆ How much tighter can issuers go?

French political risk, US economic data and EU supply to set tone in public sector market

Busy streak of capital issuance has disgruntled some investors, but bank issuers still have upper hand in a rate cutting cycle