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All as expected by the market, but lack of more details regarding bill issuance somewhat disappoints
◆ Too sensitive to push spread ◆ Value against peers estimated ◆ 'Tight, but no surprise'
When reserve managers switched from Treasuries to other public sector bonds, they meant it
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Greater stability in credit products than rates points to what unnerves investors
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French rates risk appetite returns but OAT spreads still a hurdle for covered issuers
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Market looks beyond Asia holiday for uptick in issuance with dollar duration tipped
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◆ Spanish agency takes €1.5bn ◆ Books were equally strong for both tranches ◆ Large demand consistent with recent deals
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Agency could skew issuance to dollars in 2025 funding programme
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◆ German states find price sensitivity in latest transactions ◆ Bremen sticks, Hamburg twists — but orders drop ◆ KfW spread drives Länder love
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