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‘Pragmatic’ approach from borrowers set to benefit upcoming wall of issuance
◆ Nordic sovereign brings year's final euro deal ◆ Pricing strategy adjusted after secondary widening ◆ Land NRW attracts with pick-up over KfW
◆ Germany taps 2056s for second time this year, taking €4bn ◆ Spread was fixed from the start, rare for the issuer ◆ ‘Very, very flat’ 2054-2056 roll was key to the decision
Summer is 'slowly but surely' ending with large issuers putting demand to test
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◆ DMO completes hefty chunk of syndication target ◆ Record size, record book ◆ Demand for 15 year 'encompasses a broad range of investors'
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Bankers split on expectations as ‘everyone has been in the market’
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Euros are only ‘good on paper’ and dollar funding still attractive — for some
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◆ Big five year book for sovereign ◆ Fourth syndicated transaction "not required" ◆ Pricing didn't work for ultra-long dated tap
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◆ Sovereign revisits five year maturity ◆ ‘A little difficult’ to find fair value ◆ Ultra-long tap ditched
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The yen market has had a rocky month after the Bank of Japan raised interest rates