BNP Paribas
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◆ First euro print for the sovereign since 2022 ◆ Focus on price over size ◆ Euro all-in cost proves attractive -
◆ Issuer scales back size target ◆ Hesse was ‘doing the sensible thing’ ◆ Both short and long-end euros tricky to navigate
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◆ US election jitters prompt early final trade ◆ Issuer pays 'appropriate' NIP ◆ Possible pre-funding for 2025 via private placements
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◆ Issuer returns after seven months, leaves door open for another trade ◆ Tenor, pricing strategy carefully thought out ◆ French agencies test new tights to OATs
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◆ Supra concludes $2.4bn task ◆ Next year target could grow 25% ◆ Recent capital increase to double funding size over time
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◆ Long-dated euro bonds flourish before ECB meeting ◆ Book doubles after cautious 1bp tightening ◆ Strategy was to ensure secondary performance
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◆ Development bank closes in on annual funding target ◆ Moving swap spreads a common consideration ◆ IDB Invest appears alongside sister organisation
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◆ Sovereign takes a ‘totally crazy’ book ◆ Central bank policy meetings created a helpful backdrop ◆ Long maturity offered ‘attractive entry point for investors’
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◆ Pricing tight despite 'conservative' start ◆ Dollar market still has the edge over euros ◆ Fellow European agency prints in euros
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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
