BMO Capital Markets
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◆ Deal sees $4.25bn in demand ◆ Good value versus tier one SSAs ◆ Short-end dollar attracts interest -
◆ First Reg S/144A floater ◆ ‘Good demand’ for short end FRN paper ◆ Issuer takes size at upper end of target range
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◆ Three year bond cost ‘flattish to euros’ ◆ Tight Treasury spread? No bother ◆ €10bn left to do of €80bn target
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◆ KfW issues its final dollar benchmark of 2024 ◆ Dollar cost improved but remains pricier than euros ◆ Agency peers BNG, KBN also found support
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◆ Deal attracts one of 2024’s largest SSA sterling books ◆ ‘EIB specific’ features helped book size and tightening ◆ Recent KfW bond served as main comp
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◆ AfDB finishes benchmark funding for 2024 ◆ Recent swap moves warrants careful approach ◆ Issuers look for PPs and arb opportunities next
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A busy pipeline is forming in the SSA market as the EU preps its next scheduled transaction
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◆ Swedish agency goes head-to-head with competition ◆ Prices tightly to, or even through, dollar curve ◆ Agency monitoring a range of markets
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◆ Spreads too good for banks to regret issuing ◆ One of the busiest September starts in US FIG ◆More than a dozen foreign banks print over $27bn in just three days
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◆ Cades has a 'strong outing' ◆SEK tightens 3bp and still manages to upsize ◆ Tight US Treasury spreads but 'no let up in buying'
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◆ Issuer takes advantage of robust short end demand ◆ Size is ’best outcome’ for investors ◆ Tricky balance of swap and US Treasury spreads
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◆ Blowout books ◆ World Bank goes for dual trancher and dual currencies on same day ◆ EIB success formula discussed
