US shows Europe how it's done

摘要

If treasurers at US firms flinched at the sight of continued US Treasury volatility and persistent uncertainty in the Bund market, they certainly did not show it last week, unlike their European counterparts. Almost US$40bn was issued in the US dollar market last week, of which around US$30bn was from US corporations and financials. Highlights included a US$10bn debut by qualcomm, which, like a number of other US borrowers that brought jumbo deals in recent weeks, bit the bullet and paid double-digit new-issue concessions to overcome Treasury volatility and huge supply.