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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 lands tight pricing and 'easily' prints over minimum size
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Deals planned for across the maturity curve
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Dutch agency BNG ends nine year absence as issuers price through fair value
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Second and third movers paid 'next to no premium' at own peril, while bankers praised issuers merely for getting over the line
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It's still winter in the garden of SSAs, despite EU's deal suggesting that spring has sprung
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Dutch issuer takes $500m after no supply from the public sector in the currency for weeks