Euro

There is little evidence that US corporate issuance in euros is crowding out local borrowers

Hong Kong dollar and offshore renminbi bid returns, while dollar callables lose momentum

This year's cumulative total issuance by financial institutions outstrips 2025's levels

◆ Another French agency brings early autumn deal ◆ International investors show support ◆ Priced to ensure performance

◆ Five-part debut draws more than €21bn of peak orders ◆ Uber offers diversification from hyperscaler-heavy US supply ◆ Issuer leaves concessions on table to secure size

◆ Bank issues amid heavy supply from US tech companies in euros and sterling ◆ Dual tranche structures takes the maximum volume eyed ◆ Second largest YTD public issuance achieved by US FIG sector

◆ Part of prefunding for 2027 ◆ Low-to-mid single digit NIP ◆ Green issuance has increased since last year

The euro tranche is a refi of a bond maturing later in September

◆ ADB brings ‘impressive’ seven year ◆ NWB hits five year sweet spot ◆ Both deals tighten a large 3bp

◆ Issuer chose larger order size ◆ Strong supply of five year covereds cited ◆ Seventh German covered in three weeks

◆ 'Reassuring' result as Danish lender becomes more frequent issuer ◆ Strong bid from international accounts ◆ Minimal NIP

◆ Largest euro corp deal from a European issuer this year ◆ Borrower pays above-average concessions across the curve ◆ French issuers rush to fund ahead of political uncertainty