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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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Dollar issuer returns to euros in quiet market to expand investor base
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Greenwashing can be unintentional, European supervisors insist
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Investor diversification and duration lure issuers, but lower need for single currency and lack of arb will limit further issuance
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Japanese life insurer buys entire amount of deal designed to fund athlete education and facilities
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ESG boost lands German state whopping order book
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German issuer funded in sterling more cheaply than in euros or dollars