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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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European agencies to dominate week’s issuance with Fed and Bank of England in focus
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Larger concessions look likely after EU plays it safe and wins big book
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AfDB’s public deal will test pricing, World Bank shows shareholder support
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Tactic of bringing a ‘materially different’ transaction paid off
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Policy bank hopes building a full curve will provide more clarity to pricing
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Pent-up demand for five year dollar bonds helped attract $2.2bn of orders