US dollar

Beijing-based supra ‘extremely tempted’ to catch the strong bid in euros but says it is in no rush

Issuer found unprecedented success in sterling and five year dollars

Issuer hopes to issue a $1bn three year bond ‘in the following days’

◆ Foreign quartet prices $9.25bn across the capital stack in three days ◆ SocGen joins the post-CPI flow on Thursday ◆ US money-center banks expected to unleash issuance after earnings

Issuer lands $11bn demand for first dollar outing and sells biggest sterling SSA for two years

◆ European banks lead issuance with focus on senior funding ◆ Market wobbles prove funding more challenging than expected ◆ Foreign banks’ capital raising is one prominent feature

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