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◆ German state executes intraday trade ◆ Tenor near ‘sweet spot’ on euro curve ◆ Fair value only ‘theoretical’ in current market
◆ Dutch issuer brings new euro benchmark at last, with social label ◆ Most recent euro line opened over 10 months ago ◆ Peers' bonds helpful to pricing given BNG's absence
◆ Issuer brings second €500m bond ◆ Still a new name but pricing 'not too contentious' ◆ No intention to squeeze
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State could fund 50% more next year and is ready to act early in January -
◆ Cross-currency basis was a factor for issuer ◆ Big orders build as new investors emerge ◆ Other dollar funders eye sterling opportunities
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Payroll Friday disrupted, casting a shadow over Fed's rate cut expectations
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◆ Longest euro benchmark from a Canadian province ◆ Investor demand for spread over European SSAs ◆ Building a curve and paying a premium
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◆ Spread tightened by 4bp ◆ Pricing judged to be in line with euros ◆ A more modest book than previous record breaker
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◆ German state's last benchmark this year ◆ Tightest Länder seven year in 2025 ◆ International demand dominates book
Sub-sections
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Sponsored by Islamic Development Bank (IsDB)
Sukuk market’s next chapter: Financing the future, sustainably
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
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