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Foreign issuers tap market for price and diversification
Hyperscaler funding needs could drive the next wave of US supply in euros
Cooler reception suggest AI capex hype is shrinking
Data
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◆ Reoffer yield second lowest of the year ◆ Euro hybrid yields tear tighter ◆ Proceeds to refinance upcoming maturity
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◆ Demand peaks at 4.6 times deal size ◆ Spread tightened by 37bp from IPTs ◆ Second euro outing this year for RTE
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Government restart cheers market on Thursday
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Rocketing AI infrastructure spend set to drive more US tech giants to Europe for funding
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◆ Good reception for new bonds despite company profit downgrade ◆ Negative premium on all legs ◆ Longest maturity draws biggest book
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