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Only one of Canada's big five banks has yet to publicly support new defence bank initiative
◆ 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
International interest for German paper has grown
ESM priced new €2.5bn 10 year at flat to EIB
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Risk of complacency flagged as issuers continue to fund into summer
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‘Historically impressive’ pricing achieved as funding for $19bn-$20bn programme begins
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Fresh Nato commitments will test bond market capacity as major issuers reveal funding updates
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◆ Issuer maxes out on size ◆ Short dated dollars made sense ◆ $6bn done so far, more to come
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◆ Largest deal and book sizes ◆ Strong demand for German SSAs ◆ Fairly priced after 2bp tightening
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◆ Issuers brave Middle East war uncertainty ◆ CAF gets another big book ◆ IFC, JBIC return to fixed rate dollars