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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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Latest deal came 1bp through fair value, according to the issuer -
Some market participants saw just 1bp of new issue premium in the deal
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Borrowers benefit from scarcity value and lack of competing supply
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Fair value is seen around high-20bp with more than 10bp of pick-up versus KfW
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‘Difficult to argue against this trade’, said one lead
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Signs of indigestion in the market after record buying from investors
