From Dollars to Euros: A Dive into Global Credit Trend
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From Dollars to Euros: A Dive into Global Credit Trend
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On this episode of Credit Matters, host Shankar Ramakrishnan is joined by Bruce Clark and European credit analyst Matthew Barrett, to discuss the surge in “reverse Yankee” issuance—US companies raising debt in Europe—as AI infrastructure funding drives jumbo deals and issuers seek diversification to avoid overcrowding the dollar market and rising costs.
They explain how rate differentials, a tight cross-currency basis swap (around 0–5bp), and attractive all-in euro funding have pulled issuers across the pond, citing IBM’s lower euro coupons and record multi-tranche trades from Amazon and Alphabet, including landmark sterling and Swiss franc issuance.
The team also explores how Middle East-driven volatility and shifting rate-hike expectations in Europe and the UK are lifting yields and new-issue concessions, slowing supply, and making timing issuance windows harder even as demand remains strong when investors are compensated.
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