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◆ Stellar conditions for issuers across the bond market

◆ How bond issuance will pan out over the rest of the year

◆ Dedollarisation discussed

The relatively few issuers that took advantage of the primary market this week were well rewarded. US tariffs were kicked down the road once more meaning low volatility and so investors were happy to chase what deals they could find.

But is the market about to quieten down for the summer just when it seems there could not be a better time to issue bonds? We look at the arguments for and against and take the pulse of primary across SSAs, FIG, covered bonds, corporate bonds and emerging markets.

And we don't just think about when issuance will resume in size but also what the market will look like in the future with dedollarisation a growing topic for investors and issuers alike.

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◆ SSA yields bump up against US government curve with deficit set to spiral

◆ Waning CEEMEA ESG bond issuance

◆ Leaner, meaner SLL market

The SSA bond market has enjoyed its fair share of eye-catching relative value inversions of late. Last year, the likes of Portugal and Spain began trading tighter than France in the European government bond market, for example.

But after US president Donald Trump got his budget voted through on Thursday, it could be about to witness the mother of all RV upsets — bonds trading though US Treasuries for the first time ever.

This week we look at the arguments for and against why this should happen and think about when it might occur.

We also looked at some slowing areas of ESG capital markets. ESG-labelled bond issuance is falling in the CEEMEA bond market despite some recent high profile deals. We examine the theories behind why this is happening.

Meanwhile, he sustainability-linked loan market is a shadow of its former self. We find out why and argue that this might be a good thing, showing a market gaining in sophistication.

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◆ SSA market faces up to escalating defence funding

◆ Arms company bonds in focus

◆ Slovenia's landmark SLB

As Nato members agreed — mostly — to ramp up their defence funding to 5% of GDP over the next decade, we asked the SSA bond market how it would handle the extra funding that it will need to provide for that end.

Some Nato members don't even meet the old target of 2% of GDP, so this week's declaration made at the alliance's summit in the Hague was quite the escalation. It came in the same week that some of the SSA market's biggest borrowers released their latest funding targets too.

Meanwhile, extra defence spending is a boon to arms companies. They have been spectacular performers in equity markets but we took a look at what all that extra business and revenue will mean for their bond issuance.

Finally, Slovenia this week became the first European sovereign to price a sustainability-linked bond. We examined the deal, how it was priced and marketed, and ask whether this is a credible avenue of funding for other governments.