JP Morgan
-
◆ ‘Important and strategic’ trade for French agency ◆ Regulatory upgrade brings tighter pricing, new investors ◆ Public Aussie debut possible next year -
Euro loans could outperform despite offering lower coupon payments than in dollars
-
◆ Agency brings planned October benchmark ◆ Regulatory boost received in July ◆ Bonds now trade closer to Bpifrance
-
Changes follow arrivals of Raghavan and Mangla from JP Morgan
-
◆ Dual-tranche deal attracts €200bn of orders ◆ New seven year was somewhat unexpected ◆ Bookbuilding started with 4bp of premium
-
Two more major US banks issue bonds but three do not despite spreads at post-GFC tights
-
◆ Deal sees $4.25bn in demand ◆ Good value versus tier one SSAs ◆ Short-end dollar attracts interest
-
◆ World Bank returns to five year dollars ◆ Rare IDA 10 year on offer in euros ◆ Supra open for business until year-end
-
◆ Issue takes large size from single tranche ◆ Tight US Treasury spread is expected ◆ How much tighter can issuers go?
-
Bumper September brings post 2020 peak
-
◆ Another $500m no-grow launched ◆ Can’t stay away from the dollar market ◆ Fair value hard to pin down
-
◆ Pricing through fair value ◆ Big size for 'darling' Canadian issuer ◆ Attractive pricing over tier one SSA names
