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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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SSAs look increasingly expensive versus government benchmarks, raising the question of when investors will stop buying
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Issuer estimated 2bp of premium, while onlooking bankers saw 0bp-2bp
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Onlooking SSA bankers said KfW had landed tight pricing for new three year
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More than $10bn issuance expected as AIIB and KfW announce deals
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Rating agency cites sharp decline in country's debt-to-GDP ratio
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Issuer follows CPPIB into an otherwise quiet market for the currency