BMO Capital Markets
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◆ Sterling market still strong ◆ Fair value built out from peers ◆ US and Aussie dollar issuance to come -
◆ 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
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◆ US broker prints big to fund acquisition ◆ 'Why wait' given attractive spreads? ◆ Yankee spree brings Australian and Canadian banks
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◆ Deal sees $4.25bn in demand ◆ Good value versus tier one SSAs ◆ Short-end dollar attracts interest
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◆ 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
