Nomura
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◆ NIB, IADB, CEB price bonds ◆ Busy week drains liquidity from market ◆ Treasury spreads at 'historic' tights -
◆ Larger new issue premiums required ◆ 6bp tighter than Bpifrance ◆ Size set at €2bn
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◆ First euro deal from Candian province hits 'perfect storm' ◆ BNG and AFD print 15 years ◆ All tighten by at least 3bp
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◆ Four issuers out in dollars, three in the same maturity ◆ Swap spread moves foil tightening potential ◆ Deals getting done, but market isn't 'white hot'
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◆ Priced off recent peer issue ◆ New levels found after swap spread moves ◆ Deal twice subscribed
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◆ Sovereign sets new book and size records ◆ Deal a hit despite 'not straightforward' backdrop ◆ 'Different story' while still 'a confidence booster'
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◆ Skinny new issue premium ◆ Deal 10 times covered ◆ Pricing with EU not a challenge
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◆ Deal over 3x covered ◆ Peer supply 'only way to look at pricing' ◆ No-grow label helps deal
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◆ Deal four times covered ◆ Walloon used as reference ◆ Higher than average tightening
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◆ Size on upper end of DMO's expectations ◆ Minimal new issue premium ◆ Gilt to be auctioned next month
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◆ Sterling market still strong ◆ Fair value built out from peers ◆ US and Aussie dollar issuance to come
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◆ DC-based supra taps undersupplied part of curve ◆ Much bigger book than usual ◆ Secondary levels makes judging fair value hard
