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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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CAF, CDP and Kommuninvest also take to primary market
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Luxembourg-based supra leads Tuesday’s deals as EDC and Land NRW also enter market
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Belgium next with second syndication of the year
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Borrowers from both sides of the Atlantic make their second or third appearances this year
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Promotional development bank rides German SSA issuance wave
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Vienna-based supranational hopes to maintain regular issuance as it plans to gradually fund more in coming years