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Issuer leaves more NIP than earlier this year, as order sizes shrink after busy May and June
All as expected by the market, but lack of more details regarding bill issuance somewhat disappoints
◆ Deal 'tight from the outset, but deliberately so' ◆ Slim concession paid ◆ Washington supras in dollar focus
◆ German agency taps bond from 2024 ◆ Line reopened was ‘interesting’ but considered expensive by some ◆ 'No huge NIP' to start with, but book grew after modest tightening
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◆ ‘Important and strategic’ trade for French agency ◆ Regulatory upgrade brings tighter pricing, new investors ◆ Public Aussie debut possible next year
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Relative value mismatch between core and non-core issuers is one of many concerns
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Middle East banks win mandate for first time in dollars
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We would welcome your feedback on the outlook for the SSA market
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◆ Potentially final benchmark issuance of 2024 ◆ Pricing 'more or less in line' with fixed rate curve