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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 face a field of hazards, including opaque pricing and unreliable secondaries -
Issuer has one more benchmark transaction planned for 2023
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Minimal concession for five year dollars after funding spree across currencies
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Borrower has €3bn left to fund this year and has identified one currency in particular for issuance
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Supra lands close to fair value amid supply rush, according to lead
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Labels and length as issuers offer duration to market where 'mis-steps' still possible
