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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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Debt Management Office will have to shift issuance shorter as long end stalwarts retreat
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Sovereign’s rarity makes finding fair value a challenge
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Investor orders came to 14 times the deal size
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Demand was 'incredible' for Poland's $8bn record trade
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Poland tightens guidance on $8bn triple trancher
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SSAs look increasingly expensive versus government benchmarks, raising the question of when investors will stop buying