Core Viewpoint - The financial competition between China and the United States has intensified, with both countries resorting to issuing government bonds to bolster their economies amid rising debt levels and inflation concerns [1][5]. Group 1: U.S. Debt Issuance - The U.S. government has been actively issuing bonds as a key method to raise funds, with a notable shift towards auctioning long-term bonds to counteract declining investor confidence in the economy [2][4]. - The Federal Reserve's prolonged high-interest rate policy has led to skepticism regarding the U.S. economic outlook, resulting in a growing preference for short-term bonds among investors [4][5]. - As of now, the total U.S. government debt has reached approximately $34.7 trillion, leading to an estimated per capita debt of around 750,000 RMB for the American population [9]. Group 2: China's Debt Issuance - In May, China's debt market saw the issuance of approximately 68,624.9 billion RMB in various debt instruments, including government bonds, local government bonds, and corporate bonds, aimed at boosting domestic economic confidence [6][12]. - The Chinese government has been more restrained in its debt issuance compared to the U.S., with a per capita debt estimate of about 20,000 RMB, significantly lower than that of the U.S. [9][11]. - The funds raised through China's debt issuance are primarily allocated to domestic infrastructure and development projects, contrasting with the U.S. approach of funding military and financial markets [8][11].

Core Viewpoint - Rexel has successfully placed €400 million of its 4.000% unsecured senior notes due 2030, enhancing its financial structure and extending its debt maturity profile at favorable financing conditions [1][3][4]. Company Overview - Rexel is a global expert in multichannel professional distribution of products and services for the energy sector, addressing residential, non-residential, and industrial markets [7]. - The company operates over 1,950 branches in 17 countries and employs more than 27,000 people, with sales reported at €19.3 billion in 2024 [7]. Financial Details - The senior notes will mature on September 15, 2030, and are callable from September 2027, ranking pari passu with Rexel's senior credit facility and other senior unsecured notes [3]. - The expected ratings for the notes are Ba1 by Moody's and BB+ by S&P, both with a stable outlook [3]. Use of Proceeds - The proceeds from the issuance of the notes will be utilized for general corporate purposes [3].

Core Viewpoint - The U.S. Treasury Secretary, Janet Yellen, stated that the U.S. banking sector will take on more debt issuance in the near future [1] Group 1 - The U.S. banking industry is expected to increase its debt issuance as part of its financial strategy [1] - This shift may indicate a response to current economic conditions and regulatory changes affecting the banking sector [1]