Nomura
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The European Investment Bank and Greece are prepping trades
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German policy bank in comfortable position after renewing its entire dollar curve
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Issuers ‘strike while the iron is hot’
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Not all issuers drew large oversubscriptions in mixed market
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At least four issuers will price dollar deals of between three and 10 years on Tuesday
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Issuer intends to focus on conventional dollar bonds but euros and green deals are also possible
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German issuer upsized the deal despite sell-off in rates
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Japanese banking group creates new research role
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Japanese agency was met with record demand as it extends curve
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Sovereign envisages further ESG issuance
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Sovereign’s rarity makes finding fair value a challenge
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Kommuninvest and Dexia take $2.5bn from short-dated trades
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Investor orders came to 14 times the deal size
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Beijing-based MDB has crossed the half-way mark of its record funding programme
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“Pretty much fair value pricing” for triple-A rated sovereign
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Well-funded SSA issuers take their time, but weak secondary performance worries bankers
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Danish agency scored largest ever book and at a tight spread to US Treasuries
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Deal sets a pricing benchmark for SSA dollar green bonds in 2024
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Two other German SSAs bring deals on same day
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Some market participants saw just 1bp of new issue premium in the deal
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Fair value is seen around high-20bp with more than 10bp of pick-up versus KfW
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Issuer has done nearly €3bn of its €10bn programme and may return in March
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Luxembourg-based supra leads Tuesday’s deals as EDC and Land NRW also enter market
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Vienna-based supranational hopes to maintain regular issuance as it plans to gradually fund more in coming years