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Recent Italy syndication prompts talk of change in how sovereigns manage syndicates
◆ Madrid plans 10 year deal ◆ Bpifrance set to launch EuGB ◆ MuniFin 'rare and well regarded'
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◆ NIB, IADB, CEB price bonds ◆ Busy week drains liquidity from market ◆ Treasury spreads at 'historic' tights
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◆ ‘Decent book’ 5.3 times covers deal ◆ Third govvie to bring a deal in two days ◆ Valuation still tight versus most peers
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◆ €5bn of green tap executed quickly ◆ Syndications over for 2025 ◆ Strong green demand confirmed
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◆ Textbook tightening ◆ Stable conditions open up market ◆ 60% of funding expected to come by June
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◆ Deals offer pick-up to KfW ◆ Saxony offers 1bp of new issue premium ◆ BayernLabo prices tight
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Encouraging results for trio give confidence to NIB, Council of Europe and IADB to follow on Wednesday
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