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◆ Attractive level found versus dollars ◆ Pricing not so dear compared to secondaries ◆ Reverse Yankees dominate credit flow
Higher rates a stumbling block for issuers that could overshadow strong demand
Deep, liquid US market offers issuers size, attractive cost and investor diversification
France’s Bastille Day and US inflation data expected to subdue supply early in the week
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Foreign issuers tap market for price and diversification
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Hyperscaler funding needs could drive the next wave of US supply in euros
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Cooler reception suggest AI capex hype is shrinking
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The novelty of these jumbo deals could wane as hyperscalers repeatedly hit the market
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◆ Mileway debuts in euros with €1.5bn dual tranche ◆ European Outlet Mall Venture and Vesteda print green bonds ◆ Borrowers return as sector refinancing cycle turns back to unsecured debt
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◆ UK defence company returns after seven year absence ◆ Sticky book as investors seek rare sterling supply from the sector ◆ Deal pays only small single digit concession