Wells Fargo Securities

World Bank has been aggressively pushing out its curve linked to the Secured Overnight Financing Rate: the new risk free rate in dollars. Other supranationals are eager to follow the Bretton Woods institution into longer dated floating rate paper.

World Bank sold the longest ever Sofr-linked floating rate note from a public sector borrower on Thursday with a $600m 10 year trade.

Liberty Mutual gave US institutional investors their first chance to pick up subordinated paper with a fixed-for-life coupon in the 144A market this week. Bankers say the issuer may have found a new pool of demand for the product, which has traditionally been reserved for retail channels.

Casino operator Genting New York priced a $525m bond on Wednesday.

Four US global banking titans roared out of earnings blackout to raise more than $20bn of debt this week, issuing deals either side of president Joe Biden’s inauguration.

Companies in the same sector often copy each other, but this year's string of bond issues by aircraft lessors has been exceptional, and is prompted by the sector's credit rehabilitation. Air Lease Corp took the recovery past a new milestone this week.

Royal Bank of Canada priced its first bond issue of the year as Yankee borrowers made the most of good funding conditions in the run-up to US bank earnings season.

Gracell Biotechnologies has raised $209m from its Nasdaq IPO after increasing the size of the float and pricing the deal above the initial marketed range.

Chinese clinical-stage company Gracell Biotechnologies has kicked off the roadshow for its Nasdaq listing, eyeing up to $158.9m in proceeds.

Banks bombarded the dollar market this week with a rich variety of trades in what promises to be a busy run-in to the end of the year with investors still in the hunt for primary deals.

Volkswagen led the dollar primary bond market this week as borrowers jumped into a crowded field to find funding ahead of the Thanksgiving holidays.

US banks have fared well in the Financial Stability Board’s latest assessment of firms' systemic importance, with JP Morgan no longer standing out as the riskiest bank in the world.