Euro
-
Pause will benefit issuers as excess bonds need absorption before issuance starts to ‘fire on all cylinders’ from August 17 -
High yields are keeping investors interested for now
-
SSA issuers increase focus on PPs amid quieter period for public markets
-
◆ Attractive level found versus dollars ◆ Pricing not so dear compared to secondaries ◆ Reverse Yankees dominate credit flow
-
◆ Euro funding competitive with GS' dollar curve ◆ Large premiums left on all tranches ◆ Massive investor demand
-
◆ Double-B French telecoms brings IG-style execution ◆ Demand peaks over €2bn ◆ Pipeline looks thin as uncertainty over Middle East conflict looms
-
Deep, liquid US market offers issuers size, attractive cost and investor diversification
-
◆ Thin summer bid tests final SSA supply push ◆ Iran, CPI and holidays squeeze last pre-summer window ◆ Washington supras circle in dollar market
-
France’s Bastille Day and US inflation data expected to subdue supply early in the week
-
◆ Curve inversion 'vividly' debated for 15 year print ◆ 'Structural shortage' of French agency paper ◆ Prefunding under consideration ahead of 2027 French political risk
-
◆ Funding chiefs discuss new euro benchmark programme ◆ IFC left something on table to win euro investors ◆ 'A new January' as July debut timing defended
-
Hyperscaler funding needs could drive the next wave of US supply in euros
