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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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Innovations since 2023 have added $150bn to 10 year lending capacity, but full reform of MDB capital adequacy remains in future -
◆ Deal thought to be KfW's dollar benchmark finale for year ◆ Tight Treasury pricing beats World Bank's 6.9bp record spread ◆ Issuer has no need for a big benchmark
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◆ Bond priced with no new issue concession ◆ Spread to swaps drives orders ◆ More price discovery for French agencies
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◆ French issuer ends year-long absence ◆ Pricing was inside fair value ◆ Triple-digit spread over swaps
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Issuers may need to offer wider spreads with volatile execution conditions set to continue
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◆ Deal sees $4.25bn in demand ◆ Good value versus tier one SSAs ◆ Short-end dollar attracts interest
