Market Information Thursday 28 May 2026

Eurozone governments are increasing issuance of non-euro debt to broaden their investor base as bond supply rises. Issuers have raised $4.6bn so far this year in currencies such as the US dollar and Swiss franc, compared with $2.4bn a year earlier. The European Central Bank’s withdrawal from bond buying has reduced domestic demand for euro-denominated bonds, prompting smaller sovereigns to seek flexibility, diversification and, in some cases, cost advantages through fully hedged foreign-currency borrowing.

The European Central Bank has warned that an artificial intelligence investment boom increasingly financed by private credit could pose risks to the euro area’s financial system. If expected AI cash flows disappoint, losses could spread beyond private credit to leveraged loans, equities and high-yield bonds. Insurers and pension funds would be most affected, while banks’ direct losses would remain limited due to senior loan positions and smaller exposures.

Hong Kong has overtaken Switzerland as the world’s largest cross-border wealth hub, driven by strong inflows from mainland China. Wealth managers in the territory held $2.9tn in international assets in 2025, with about 60 per cent originating from China. The shift reflects rapid Asian wealth growth and rising demand for jurisdictional diversification amid geopolitical risks. Switzerland remains important, but is more exposed to slower-growing European wealth

The 6M Euribor decreased with 7 basis points to 2.45% compared to previous business day. The 10Y Swap increased with 1 basis point to 3.02% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.