Barclays
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◆ Dollar basis working for euro issuers in five year ◆ Maturity working for issuers in 2025 ◆ Deals come a day before Trump tariff announcement -
◆ German bank tightens 3bp from guidance with minimal NIP ◆ Larger tap than usual ◆ Succeeds in face of tariff uncertainty
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◆ First euro deal from Candian province hits 'perfect storm' ◆ BNG and AFD print 15 years ◆ All tighten by at least 3bp
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Move follows hiring of John Kolz as co-head of global ECM
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◆ Rival bankers discuss premium paid ◆ Interim pricing stage used to test investor appetite ◆ Do investors care about attrition?
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◆ Deal highlights Länder spread journey ◆ No price tightening ◆ Priced off KfW with minimal NIP
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◆ New five year bigger than planned ◆ New dollar book record for sovereign ◆ Rare but regular issuer, 'a pleasure' of a deal
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Appointment follows strong year in ECM
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◆ Sovereign sets new book and size records ◆ Deal a hit despite 'not straightforward' backdrop ◆ 'Different story' while still 'a confidence booster'
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Issuer spots strong appetite from traditional investors amid net negative supply
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◆ Issuer takes home more than the usual $2bn ◆ Single-digit spread to US Treasury at landing ◆ Dollar investors still attracted by spreads to swaps, yields
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◆ Joint Länder trade raises €1bn ◆ JLMs help cover deal ◆ EGB sell-off deepens
