Cross-Currency Weekly

This report covers weekly trends in cross-currency basis spreads, highlighting key issuance activity and the influence of risk sentiment on currency markets as of June 12, 2026.

Key Takeaways

• 1.XCCY basis spreads remained stable overall, with widening pressures observed in the long end of EURUSD and USDJPY pairs due to shifts in risk sentiment.
• 2.Issuance activity was active across Reverse Yankees, GBP, and JPY, characterized by issuers taking advantage of a quiet window before central bank meetings.

Table of Contents

• Week 5 – 12 June
• XCCY
• Commentary
• Notable cross border issuance
• Appendix 1: Government bond Asset Swap levels
• Important Information
• Disclosures required under the EU Market Abuse Regulation (EU596/2014) in respect of "investment recommendations"
• Disclaimer

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