The renewal of war in the Middle East may have made bond issuance a little less attractive for issuers, especially in that region. But so far, it has not impaired the market's fundamental appeal.
Even with the US and Iran attacking each other and the Strait of Hormuz closed again, investors are calm, even when considering Middle Eastern bonds.
Although often overlooked by borrowers in normal years as a quiet time when they might not get investors' focus, July is a great time to issue.
Borrowers have done much of their funding, so issuance dies down, and liquidity starts to dry up.
But that means issuers that do come to market have the field largely to themselves.
And, contrary to popular belief, investors are still around. Individuals may take holidays, but the major firms are all staffed, and this year, they have plenty of cash.
Coming now is a way to avoid September, one of the busiest periods for issuance.
This can be particularly good for less regular, smaller issuers which can struggle to get noticed by investors when the market is busy with big deals.
For issuers in CEEMEA, July is not the time for a jumbo multi-billion dollar deal, but there is more than enough capacity to print the more common $500m to $1bn trades. Or even €2.5bn to €3bn, as Hungary and Bulgaria managed earlier this month.
It may also not be the best time for a debut transaction, which needs all the attention it can get.
Aiming for July carries some risk. If markets turn sour at the back end of an issuance window, as July is, the borrower could be left waiting weeks or months to finish its deal.
But the risk is worth it. July is a month of little traffic, investors are still interested, and funding now means an issuer can rest easy when markets get hectic in September. Bring on the summer fireworks.