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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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More issuers have priced sterling bonds against swaps than Gilts so far this year
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Investors need to understand purpose and role of callable capital, AfDB argues
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Issuer lands $11bn demand for first dollar outing and sells biggest sterling SSA for two years
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Demand outlook 'optimistic' as supra brings fifth sterling benchmark for the market this week
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Projects for the rest of the year include a five year dollar deal
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Issuer has already funded about 12% of its annual target in just three days