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Canadian issuer has ticked most benchmark markets so far this year but the work is not done yet
Analysts discuss the scope of tightening in Bund swap spreads and the impact on SSA spreads
Uncertainty looms large as presidential race far from clear and budget negotiations potentially ‘highly challenging’
The tightest dollar SSA benchmark on record carried a second distinction: its paperwork never left one platform
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Only one of Canada's big five banks has yet to publicly support new defence bank initiative
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◆ Issuer's first benchmark after after active start of year in PPs ◆ Deal attracts big book despite large tightening ◆ Only KfW priced with lower spread to USTs this year
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International interest for German paper has grown
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ESM priced new €2.5bn 10 year at flat to EIB
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◆ Issuer's first green benchmark in 2026 ◆ Blended premium estimated ◆ Central bank/official institution allocations 'notable and high' for green label
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◆ 'Impressive' and 'blockbuster' gush rival bankers ◆ Consensus on new issue premium ◆ Final deal size was amended