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◆ Three and seven year deal gets big books ◆ 'Sensible' levels to start the deal ◆ Investors slower to react in volatile market
◆ Issuer brings second annual benchmark ◆ Pricing tightened 1bp ◆ Investors hold 'more power' in current market
◆ KfW sells another green deal in active year for the label ◆ Less than 2bp NIP paid this time ◆ FMO prices in line with MuniFin, Tennet NL

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  • Some investment banks are beginning to move debt capital markets and bond syndicate bankers from London to the EU 27 because of Brexit, or are preparing to do so. Every bank is tackling the issue in its own way, but the common view that in the bond market only trading and sales people would have to move is now looking less tenable.
  • Investors took up just over €700m during the first two days of the first BTP Italia sale since the Italian bond market sell-off began in May, leaving the sovereign heading for a volume far less than its target of €6bn-€8bn, according to buy-side strategists.
  • The Federal State of Brandenburg was oversubscribed for its second ever euro benchmark in the 20 year part of the curve on Tuesday. The deal offered a 2bp concession, according to the leads.
  • Sister issuers the European Stability Mechanism and the European Financial Stability Facility will raise a combined volume that is €13.5bn less next year than their 2018 target.
  • Agricultural Development Bank of China (ADBC) has dipped into the euro market for the first time to diversify its investor base, despite having no real need for the currency and having to pay up for the fundraising.
  • Investors flocked to the Export-Import Bank of Korea’s (Kexim) $1bn bond on Monday, viewing the policy bank as a defensive credit to park their cash in.
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