GS Crook GS Morning 19 Aug 2026

GS Adam Crook - GS MORNING: 1) FX Trader Call Today, 2) US Treasury & Hyperscalers, 3) French Election, 4) Riksbank Preview and 5) G10 Spot Update 19 Aug 2026 Adam Crook · Goldman Sachs · Managing Director, FICC & Equities Wed 19 Aug 2026, 4:56am ET

Highlights from GS Research, Sales, and Trading: 1) FX Trader Call Today, 2) US Treasury & Hyperscalers, 3) French Election, 4) Riksbank Preview and 5) G10 Spot Update

1) FX Trader Call Today @ 2:00 PM LDN

Aim is to keep it short and punchy: Views from strategy and traders across G10 and EM. Topics = what is dominant flow/theme in your market? What is your favourite trade idea?

Thiago Marinheiro: BRL Macro Trading

Justus Stoermer: Hybrids Trading

This call is hosted by us each week in the same format. Please get in touch to get a recurring invite in your diary.

2) Issuance – US Treasury & Hyperscalers

Key resources for quantifying supply in DV01 terms for US Treasury & Hyperscalers (plus broader US IG market), given recent yield moves.

Treasury: GS Supply Outlook. Overall, NET duration supply for 2026 is expected to be around $550mm/bp, lower than the $750mm/bp NET supply realized in 2025. Even though gross duration issuance in 2026 is expected to be similar to 2025, reinvestment demand from ageing, index extension & coupons is expected to be higher, driving net supply lower. 1st key chart below.

Hyperscalers: we are forecasting around ~$215mn/bp GROSS supply from this community in 2025. Rising to around $350m next year. Average duration of hyperscaler issuance has been around 8.5 years (16 year WAM but coupon above 5%). 2nd chart below shows rolling 12m DV01 supply in broader USD IG. Similar to 1st. Hyperscalers have clearly been a large part of the increase.

CHART 1: UST Net Duration Supply in $mm/bp, 12m Rolling

CHART 2: Trailing 12m Sum of USD IG Issuance in $mm/bp

3) GS FX MARKETSTRATS (SCHMITTEN) – Vive la Volatilité