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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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Supranational issuer sells back-to-back benchmarks to raise $7.2bn-equivalent
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Issuer will also print SIB in dollars this year, and possibly in a new currency
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Wider spreads against swaps have allowed issuers to pay skinny concession to print large sizes
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Québec is back in the dollar market after a two year hiatus as World Bank brings second deal of week
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IADB, KfW and the World Bank raised more than $10bn between them
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SSA issuers in euros have gone up a gear as Easter break nears