US dollar
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A very different 2026 for Gulf issuance has altered league tables
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◆ Japanese agency squeezes out concession on $1.5bn 10 year ◆ Zero new issue concession ◆ Flat curve, longer duration
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Head of funding Jochen Schader says strong promotional lending has pushed the 2026 target above €15bn, as the agency caps its dollar programme before the summer
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While European companies lock in attractive euro funding through private placements
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When reserve managers switched from Treasuries to other public sector bonds, they meant it
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◆ Canadian issuer's first benchmark in dollars, euros or sterling this year ◆ Dollar supply lull aids return ◆ Clean book and harsh allocations
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◆ Post-Fed bid greets dollar SSA pair ◆ Bank treasury bid for two-five year euro paper ◆ Hamburg the outlier in 10 years
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UK borrower goes alone on Thursday following FOMC rate hold
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The Fed's hawkish turn could change little as Chinese demand, scarce supply, and a busy autumn pipeline underpin the dollar SSA market
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'Full speed ahead' — SSA desks brush off hawkish Fed after months of volatility
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Front-loaded funding and an uncertain rates outlook have left investors short of papers