Euro
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◆ Little impact from election expected, but issuers don't want to risk it ◆ Vanishing number of issuance windows remain -
Early autumn syndication ‘possible’ as sovereign targets belly of the curve
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Banker views diverge on fair value estimate
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◆ Issuers lining up market reopening trades ◆ Issuance to resume next week ◆ Solid first deal to herald rush of supply
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Bankers are optimistic about appetite for FIG bonds, but concede that new issue premiums may need to widen
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A pair of German states, an agency and Pfandbrief issuer are all possible candidates
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Germany's poor economic growth is putting pressure on the federal states' finances
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No mention of sustainability in announcement of the new facility that will replace an existing RFC tied to greenhouse gas emissions
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Sharp shift in sentiment from start of week sees some companies planning deals
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◆ Revival of FRNs would be 'logical' ◆ Investor appetite for long-end ◆ Issuers must decide to lock or not
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◆ Smaller cover pools suppress funding needs ◆ Issuers consider benchmarks instead ◆ German and Austrian lenders provide bulk of supply
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German state has increased its funding target to €9.5bn from an initial €7bn-€9bn
