BMO Capital Markets
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◆ Four issuers out in dollars, three in the same maturity ◆ Swap spread moves foil tightening potential ◆ Deals getting done, but market isn't 'white hot' -
◆ 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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◆ Prices tight to US Treasuries ◆ Swap spreads move during bookbuilding ◆ It would 'not have been good' to be in euros
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◆ First five year dollar from the issuer since 2021 ◆ L-Bank print provided building block ◆ Further dollar deals planned
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◆ 'First window' for 10 year dollar supply ◆ Deal over twice covered ◆ Pricing tightens 2bp
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Goldman Sachs took advantage of strong demand before passing the issuance baton to foreign banks and domestic borrowers
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◆ Sterling market still strong ◆ Fair value built out from peers ◆ US and Aussie dollar issuance to come
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◆ Fair value tricky but British Columbia a marker ◆ NWB raises £250m ◆ 'Softer tone' in market
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Two day execution brings bank successful start
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◆ Four deals priced at same tenor, with a fifth also in dollars ◆ Why IADB increased size ◆ Swap spread moves cause complications
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◆ Joint largest size from non-UK public sector issuer ◆ ADB also raised £1bn ◆ Cross currency basis allows for sterling concession
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◆ German agency joins SSA sterling party ◆ Rare £1bn-plus book ◆ More sterling supply to come
