CREDIT DAYBOOK AMERICAS: Falling Long Yields to Support Sales

HSBC has begun marketing a two-part investment-grade bond offering, kicking off what dealers have predicted will be a $20 billion week to finish May.

• Not countable in that total will be Saudi Aramco’s first dollar-bond sale of 2025 as the state-owned giant continues to add to debt in light of weaker oil prices
• The issuance backdrop is supportive this morning, with global bonds rallying on signs that Japanese authorities may adjust debt sales following a rout in the market
  • Still, US investment-grade yields are on pace to log their biggest monthly increase of 2025 this month, according to a Bloomberg ...