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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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Pricing, efficiency, governance and political considerations will shape new market
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Despite rush of agency deals in dollars, pinpointing fair value is hard
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Unconventional techniques serve issuers well in volatile times
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Market believes ECB will hold rates but is jittery about an earlier unwinding of pandemic era bond buying scheme
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‘Robust’ market has proven itself since summer, says lead