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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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Sovereign led a busy week for SSA issuance in dollars with $9.25bn raised
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Market ‘took positives’ from US data, central bank meeting, and US Treasury volumes last week
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Longer maturity plays into sovereign’s IMF-mandated strategy to substitute expensive local debt for external funding
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'Clear strategic value in owning UK government bonds'
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Issuers face wider initial pricing and weaker bookbuilding