JP Morgan
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◆ Tuesday tap surprise was pre-funding ◆ Next year’s programme revealed ◆ Historical spreads facing French agencies -
◆ Tap was four times covered ◆ No premium required ◆ Spread to mid-swaps attracts
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UK lender adds to Yankee invasion as domestic trio go super long
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◆ Fair value uncovered after SSA repricing ◆ Printing €1bn 'looks like a stretch' ◆ Higher than average coverage ratio
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◆ Supra returns after two-year hiatus ◆ Deal reopens SSA benchmark issuance, paused since late October ◆ Relative value in focus after end of ECB buying, recent swap moves
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◆ ‘Pragmatic’ issuer prices at new found level ◆ KfW bonds used as building block for pricing ◆ Deal should give ‘encouragement’ to others
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◆ First SSA euro deal sold in nearly two weeks ◆ Rarity, yield and green label lead to 'strong success' ◆ E-supras' curves referenced for pricing
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◆ ‘Important and strategic’ trade for French agency ◆ Regulatory upgrade brings tighter pricing, new investors ◆ Public Aussie debut possible next year
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Euro loans could outperform despite offering lower coupon payments than in dollars
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◆ Agency brings planned October benchmark ◆ Regulatory boost received in July ◆ Bonds now trade closer to Bpifrance
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Changes follow arrivals of Raghavan and Mangla from JP Morgan
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◆ Dual-tranche deal attracts €200bn of orders ◆ New seven year was somewhat unexpected ◆ Bookbuilding started with 4bp of premium
