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The rise of compliance culture and tech have created an atmosphere of mistrust
◆ Bond priced with no new issue concession ◆ Spread to swaps drives orders ◆ More price discovery for French agencies
◆ French issuer ends year-long absence ◆ Pricing was inside fair value ◆ Triple-digit spread over swaps
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◆ Deal sees $4.25bn in demand ◆ Good value versus tier one SSAs ◆ Short-end dollar attracts interest
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◆ German agency deal not fully covered ◆ ‘Today wasn’t a good day’ for SSAs ◆ Question on screen levels
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◆ First euro deal for decades ◆ Tightened 2bp despite small book ◆ Break with previous issuance pattern
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◆ No book updates given ◆ German peer suffers the same fate ◆ Screen levels may have led to undersubscription
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Supplementary budget might see Länder use late November window
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◆ First 10 year plus sterling deal outside of UK issuance for years ◆ Pricing will appeal to bank treasuries despite tight level to Gilts ◆ Third 2024 World Bank sterling trade
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
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Sponsored Raiffeisen Bank International
RBI encourages clients to issue/borrow in sustainable formats
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