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Hyperscaler funding needs could drive the next wave of US supply in euros
Cooler reception suggest AI capex hype is shrinking
The novelty of these jumbo deals could wane as hyperscalers repeatedly hit the market
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◆ Pricing competitive to euros ◆ Deal the largest from a European corporate in 12 years ◆ Diversification drive fuels bumper Swiss franc year
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Scarcity value to overshadow sectoral concerns
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◆ Peak demand tops €3.65bn ◆ Orders stick after 37bp tightening ◆ Deal lands close to fair value
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Returnee lands through fair value on currency diversification drive
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Issuance will be lower in June as yields rise
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Issuers encouraged to squeeze into bond market before mid-June by-election
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