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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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Primary activity from SSAs has slowed towards the end of the week
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Issuer hopes to issue more at the long end of its curve throughout 2023
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French and Nordic agencies pile in to take advantage of conducive euro window
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Three smaller SSAs gather over $12bn in orders between them
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Deals open busy week for SSAs in dollars
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Sovereigns take €7bn each while supranationals and agencies also keep euro buyers busy