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Smaller orders, missing hedge fund bids as market exits ‘white-hot’ phase and soon to switch to holiday mode
◆ Japanese agency squeezes out concession on $1.5bn 10 year ◆ Zero new issue concession ◆ Flat curve, longer duration
Head of funding Jochen Schader says strong promotional lending has pushed the 2026 target above €15bn, as the agency caps its dollar programme before the summer
Issuer leaves more NIP than earlier this year, as order sizes shrink after busy May and June
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All as expected by the market, but lack of more details regarding bill issuance somewhat disappoints -
◆ Deal 'tight from the outset, but deliberately so' ◆ Slim concession paid ◆ Washington supras in dollar focus
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◆ German agency taps bond from 2024 ◆ Line reopened was ‘interesting’ but considered expensive by some ◆ 'No huge NIP' to start with, but book grew after modest tightening
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◆ Canadian issuer's first benchmark in dollars, euros or sterling this year ◆ Dollar supply lull aids return ◆ Clean book and harsh allocations
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◆ French agency prints last benchmark of the year ◆ Book tops €4.6bn despite thin hedge fund participation ◆ New issue concession estimated
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Five year bond set to be priced much tighter than the development bank's last senior issue
