Wells Fargo Securities

◆ Money centre banks drive $25bn-plus three-day issuance rush ◆ Goldman first refinances capital with new, cheaper deal and then returns for senior funding ◆ RBC debuts its most subordinated debt in US dollars

Second largest outing from a single deal for the WB since 2021

◆ JPM, WF and MS break single day self-led FIG record with $23bn funding ◆ BofA prepares $5bn Thursday deal as GS and Citi’s anticipated supply expected to break January record ◆ BFCM’s $1bn is sole FIG Yankee

Supranational issuer attracts strong demand in second syndication of the week

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

Public sector borrowers will slip into the market ahead of the US Thanksgiving holiday on Thursday

◆ Investors primed to book US financials amid supply scarcity ◆ US banks lift $22.7bn in three days ◆ US Bancorp joins on Thursday, MUFG adds ultra-popular Yankee AT1

The issuer has wrapped up its fixed rate dollar benchmark funding for 2023 but will continue to fund in other formats

NIB lands tight pricing as IADB goes long

◆ Low concessions paid in the first part of the week ◆ Market tone worsens after US downgrade and rates volatility ◆ Wells Fargo chooses quick return for opco funding

The Yankees might be coming as dollar AT1s show allure to foreign issuers