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Weaker than expected payrolls figures slightly change the rates markets’ expectation
June non-farm payrolls were 57,000, which was lower than expectations. This slightly changes the consensus, which was that the economy was doing very well and inflation…
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Credit markets might be too positive – possibly good window for issuers and investors
Credit markets might be too positive with spreads close to 25-year lows. Might be a good opportunity for issuers and investors.
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NVIDIA’s $25 billion deal shows excellent markets for issuers
NVIDIA issued a $25 billion bond deal. It got $85 billion of orders for the deal. Spreads were also meaningfully tightened during the book build.
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Watch for strong issuance in June ahead of summer holidays
Many issuers may issue in June – ahead of European and then US summer quiet periods. This effect may be amplified this year.
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Ultra-high hyperscaler credit issuance could saturate global credit markets
The hyperscalers project around $750 billion of capex for 2026 as AI infrastructure race gathers steam. Other credit issuers should plan for the risk of crowding…
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The Fed might actively raise long term rates instead of raising the Fed funds rate
For credit issuers and investors – evaluate locking in medium/long-term rates now
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Goldilocks credit markets – as high rates create strong demand without widespread credit fears
High interest rates are creating excellent credit markets for issuers and investors.
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US economy doing well – high ISM raises the chances of higher rates
Data from surveys from industry (like this PMI Manufacturer’s survey) and employment data has held up well, while inflation is increasing. This combination increases the odds…
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DCM Insider Weekly – 25th May 2026
Inflation and rates up. Markets still wide open. Potential cracks forming.
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DCM Insider Weekly – 18th May 2026
Long term interest rates have increased. This will change the debt capital markets.
Markets
Bonds
Investment grade and high yield across the Americas, EMEA and APAC. We cover the trades that set benchmarks, what books reveal about real demand, and the structural shifts changing how issuers reach public markets debt investors. We focus on what each deal tells you about the broader market.