Barclays
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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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◆ 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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◆ Deal size increased to £375m from £250m ◆ Danish issuer's second largest print in sterling ◆ 'Positive takeaway' from smaller agency deals
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◆ Cross-currency basis swap moves make trade feasible ◆ Fair value hard to locate after Gilt movement ◆ Book almost covered
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◆ Large order book as rates curve lures buyers ◆ Double 'scarcity' value also a factor ◆ Bankers debate new issue premium
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◆ Swap spread moves help issuer's spread to US Treasuries ◆ No-grow deal many times covered ◆ Investors expecting rate cuts turning to short end yields
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◆ US bank brings sizeable sterling deal ◆ Fair value debated ◆ Bankers say sterling starved of supply
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◆ French issuer ends year-long absence ◆ Pricing was inside fair value ◆ Triple-digit spread over swaps
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◆ Only €5bn left of €80bn funding task ◆ Dollars and smaller currencies on the menu ◆ ‘Right demand, right product, right time’
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◆ Last expected euro benchmark of year ◆ 'Lower size can yield good results' for KfW ◆ Differing fair value opinions
