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Bond specialists sceptical that auctions can yield better results than bookbuilding
After the frenzy of the primary market in January, there is still optimism that SSAs can draw big demand
◆ Second ever bond for the issuer ◆ Deal marketed to both SSA and credit investors ◆ Offers potential for tightening on the back of southern European convergence trade
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◆ Short-end offering a rare opportunity ◆ Issuer 'liquid' and 'well-liked' ◆ New issue concession estimated -
◆ Small deal, big book, limited NIP ◆ Spreads much tighter than before ◆ ‘Strong macro and fiscal results’ boost investor confidence
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◆ Backdrop improves for sovereign’s deal ◆ Strong book allows for more tightening ◆ ’Very broad engagement’ from investors a ‘nice thing to see’
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◆ WI Bank tests 10 year appetite ◆ Spread versus Hesse considered ◆ Mecklenburg-Western Pomerania goes 'close to bone'
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◆ Sovereign refreshes 15 year curve ◆ Biggest book ever for this tenor ◆ 'Very tight' premium paid, curve stability observed
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◆ KfW's Petra Wehlert and Mustafa Sari discuss transaction ◆ Issuer opts for CMU settlement for first time ◆ 'Bigger story' linked to de-dollarisation
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