Nomura
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Issuers get ahead of US CPI data on Wednesday
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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
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A pair of German development banks also brought new issues on Tuesday
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IADB, DBJ and CPPIB all grabbed large order books
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Japanese agency sets sight on euro and green issuance from April
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Supranational takes $1.5bn from latest syndicated sale after peer success in recent weeks
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SSA prints totalling $2.75bn speak volumes about strength of bid in dollars
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French bank back for the third time in two weeks with a three tranche Kangaroo
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BNG, Finnvera and EAA join peers to tap three year part of the curve
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Agency issuers appeared after the EU cleared a €7bn syndication
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European agencies to dominate week’s issuance with Fed and Bank of England in focus
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Policy bank hopes building a full curve will provide more clarity to pricing
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Pent-up demand for five year dollar bonds helped attract $2.2bn of orders
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Praise for borrower's 'sensible' approach in tricky market
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MDB wraps up its largest ever funding programme with a popular deal
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NIB lands tight pricing as IADB goes long
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Investors more assertive this week, said lead manager
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Demand picture for long-dated paper still uncertain after Jackson Hole meeting
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Malik Menzer set to join the bank in November
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Reception from investors on Tuesday are weaker than some had expected
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EIB, KfW and BNG lead peers as expected, alongside DBJ which announced last week
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Asian investors bought more than 40% of the deal following a recent roadshow
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Pressure to increase returns is driving international expansion as Japanese banks position for growth and hopes rise of more M&A activity from their domestic clients
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Corporate-focused MD in London and an investor-focused peer in New York
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◆ Yankees dominate with over $8bn supply ◆ Foreign borrowers target window before NFP and US bank results ◆ Japanese financial institutions bolster TLAC needs