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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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Issuers relied on dollar market to cross funding finish line in 2023 -
Retail bid to the rescue as central bank bows out
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The trade is ‘most likely’ the final syndication this year after issuer exceeded the lower end of its targeted funding range
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Issuer keeps an open mind but there is unlikely to be a ‘huge chance’ of the hybrid deal being done this year
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AfDB and Kommuninvest stay in the three to five year part of the curve
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Issuers 'can't be stingy' in tough conditions as issuer leaves 5bp on the table
