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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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Benchmark deal flow to resume as early as the week of August 14
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◆ G20 tries again for MDBs to do more ◆ The investment case for Turkey after UAE steps in ◆ Will the CMBS revival be stunted?
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World Bank and others work on issuing hybrid capital, enlarging balance sheets
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Borrowers push out maturities, printing bigger size across conventional and labelled deals
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Supranational hopes to fund more in euros in new fiscal year
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Paris-based supra receives its highest rating for more than a decade