US dollar

◆ US bank sells first dollar preference share deal since March banking turmoil ◆ Investors flock to tightly priced print ◆ Yankee banks unlikely to follow given higher yields for foreign names

German issuer has raised more than €60bn in 2023, with €25bn left to come

◆ June CPI fuels spread tightening ◆ Foreign banks opt for short end dollar funding ◆ RBC copies rival TD's early week foray

◆ Inaugural public yen bond follows euro FRN and Yankee deals ◆ Yen funding comes close to dollar levels ◆ Gives TD longer funding than what it raised in dollars

Issuer attracts over $11bn in demand after last issuing a similar deal in 2018

Issuer hopes the new deal opens doors for longer transactions to come

Issuer becomes only one of a handful of SSAs to print a decade dollar deal in 2023

Both issuers are issuing their longest tenors so far this year

◆ Yankees dominate with over $8bn supply ◆ Foreign borrowers target window before NFP and US bank results ◆ Japanese financial institutions bolster TLAC needs

Issuer prices at 'tighter end of range' as it gets new funding task underway

Deal grows to $3bn, with minimal new issue premium

◆ Foreign trio raises $6.5bn this week as Mizuho eyes $2bn ◆ Dollar takes ‘sweet spot’ for major banks over euros ◆ Sentiment for Yankee issuance keeps improving