US dollar
-
Spreads gap out too fast after the credit rally of a lifetime ends, pushing price-sensitive issuers to reconsider their market entrance -
‘Very, very strong’ first week sets up bigger test ahead
-
Issuance could include heavier focus on public sterling, Norwegian krone, Australian dollar and Swiss franc markets
-
SSAs weigh up more pre-funding next year
-
French agency aims to diversify currency mix via benchmarks and PPs, and execute euro taps
-
In a year dominated by the collapse and takeover of Credit Suisse, financial institutions were keen to re‑establish investor confidence in some of the riskier asset classes. Axa led the way just weeks after the CS rescue with a €1bn subordinated bond. In the autumn, UBS made a bold statement about the stability of Swiss bank capital as it returned to AT1 issuance with two $1.75bn tranches. Elsewhere, banks dealt with tricky conditions and pulled off some skilfully timed transactions, underlining the market’s faith in mainstream currencies and emphasising the appeal of ESG labels
-
◆ Rate cut expectations raise appeal of bank debt ◆ NBC and Ally Financial push annual issuance to $593bn ◆ Yankee and US regional banks expected to lift supply in 2024
-
Issuer to bring six syndicated benchmarks across euros, dollars and sterling in 2024
-
UBS announced on Monday that it would redeem $2.5bn AT1 at first possible date
-
Increase in dollar issuance follows growing fatigue towards euros
-
Basel-based supra sets sights on euro and dollar syndications
-
