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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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French agency capitalises on rare capital market visit
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Supranational takes €5bn in second syndication of April
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Strong duration bid saw larger-than-usual tightening and skinny concession for long-dated tap
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Callable capital is not capital, but a significant rating uplift
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Finland will also be in the market as a trio of other SSAs ready fresh bonds in core currencies
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◆ Supranationals speak on callable capital ◆ Bank funding: pricing reset ◆ The demise of the cornerstone investor