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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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Supply to spill over to Thursday with JFM, more deals to come next week
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EFSF, NRW.Bank and SEK also brought deals in cautious market
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DBJ also came out on Tuesday with larger than usual tightening
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Reception from investors on Tuesday are weaker than some had expected
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EIB, KfW and BNG lead peers as expected, alongside DBJ which announced last week
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Issuers tasked with resuming public sector's autumn supply in the past will do the same this year