Euro
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World Bank breaks 10 year dollar records while IDA adds another point on euro curve -
Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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Amazon’s Swiss debut and Alphabet’s first yen deal jolted debt markets this week
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◆ Infrequent issuers achieve tight pricing... ◆ ...but lose a third of orders ◆ Investors may demand more NIP on deals from next week
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Sovereign ready to tackle rest of 2026 programme with all syndications now wrapped up
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◆ French firm takes €700m with unrated deal ◆ Double digit concession needed ◆ Deal prices inside debut, but returns higher yield
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◆ Wednesday's 'stand out' senior trade ◆ €1.6bn order book largest ever for BoC ◆ First transaction since acquisiton of UAE-based CDB Bank
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◆ Company's first euro bond since 2020 ◆ Peak books top €8.1bn ◆ Defence business angle pulls in investors
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◆ First dollar benchmark from World Bank since October 2025 ◆ 'Remarkable' size and spread achieved ◆ IDA jumps through hoops to issue SEC exempt deal
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◆ Larger 2026 programme leads to another outing ◆ Limited needs, tap works best ◆ Pricing was 1bp over secondary
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◆ Largest Australian tier two tranche since 2020 ◆ Pays slightly higher NIP than earlier deals ◆ 'Novel' structure attracts high quality order book
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Deals price tightly to Western European peers, with high-spread Icelandic banks performing the most
