Banks
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◆ Pricing below 100bp was debated ◆ Trade gained from sterling technicals ◆ Recent steepening means some issuers cautious about duration -
◆ Deal priced at same spread as Baden-Württemberg ◆ Pricing in high-20s versus swaps is new reality ◆ Länder spreads versus KfW remain intact
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◆ Deal's reception 'exceeded all expectations' ◆ Final €2.75bn book a large one for Länder sector ◆ Curves of other German states and KfW referenced
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◆ Deal thought to be KfW's dollar benchmark finale for year ◆ Tight Treasury pricing beats World Bank's 6.9bp record spread ◆ Issuer has no need for a big benchmark
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◆ Dual-tranche deal attracts €200bn of orders ◆ New seven year was somewhat unexpected ◆ Bookbuilding started with 4bp of premium
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◆ Rarity, tenor and size fuel demand ◆ Big book and dozen dealers make allocations tricky ◆ Next to nothing paid in premium
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New chief executive makes first reorganisation with some senior bankers understood to be leaving
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◆ US bank brings sizeable sterling deal ◆ Fair value debated ◆ Bankers say sterling starved of supply
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Company has begun pre-deal investor education to local and international investors on $1.5bn-$1.75bn IPO
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◆ Bond priced with no new issue concession ◆ Spread to swaps drives orders ◆ More price discovery for French agencies
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◆ BNP Paribas readies first covered of 2024 ◆ French firm appoints 12 bookrunners ◆ MunHyp to benefit from reshaped yield curve
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◆ French issuer ends year-long absence ◆ Pricing was inside fair value ◆ Triple-digit spread over swaps
