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Smaller orders, missing hedge fund bids as market exits ‘white-hot’ phase and soon to switch to holiday mode
◆ Japanese agency squeezes out concession on $1.5bn 10 year ◆ Zero new issue concession ◆ Flat curve, longer duration
Head of funding Jochen Schader says strong promotional lending has pushed the 2026 target above €15bn, as the agency caps its dollar programme before the summer
Issuer leaves more NIP than earlier this year, as order sizes shrink after busy May and June
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Some bankers were surprised, others not, but all expect a reduced EU funding programme for 2024's second half
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Election jitters proved costly to jumbo issuer as peers postpone deals
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Other SSA peers held back as market turned volatile
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Bloc's syndication will be 'good for the market' and watched 'very closely'
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Issuer refreshes euro presence after 2.5 years and wants to issue annually
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Agency lands 'extremely tight' to government as Spanish agencies continues to draw demand