US dollar

Increase in dollar issuance follows growing fatigue towards euros

Basel-based supra sets sights on euro and dollar syndications

Dollar issuers pre-fund amid favourable funding conditions

Issuers relied on dollar market to cross funding finish line in 2023

Banks may bring forward their 2024 funding plans to snap up duration as investors look to position ahead of predicted rate cuts

◆ Italian bank gets duration in Yankee market that it cannot reach in Europe ◆ The $3bn deal was its biggest for a decade ◆ Global bid for duration allows it to print longest SP dollar deal this year

The trade is ‘most likely’ the final syndication this year after issuer exceeded the lower end of its targeted funding range

Issuer keeps an open mind but there is unlikely to be a ‘huge chance’ of the hybrid deal being done this year

AfDB and Kommuninvest stay in the three to five year part of the curve

A change in regulation has prompted DNB to redeem long-held legacy bonds that it counted as tier two capital

◆ First euro AT1 for more than two months as Santander, other G-Sibs went for cheaper dollars ◆ Non-national champion status makes it 'not straightforward' execution ◆ Ongoing strong bid for yield

Issuance opportunities abound across capital stack but borrowers said to be happy to wait for deeper liquidity