CIBC World Markets
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Dollar SSA issuance to build, though euros offering tighter pricing for many -
Issuer has done nearly €3bn of its €10bn programme and may return in March
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Luxembourg-based supra leads Tuesday’s deals as EDC and Land NRW also enter market
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◆ Duration and spread demand dictate investor demand even at tighter valuations ◆ Rabo exemplifies this trend into a €1bn 10.5 year SNP that was more than six times subscribed ◆ NBG and CIBC also print with arguably no concessions left
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US dollar market helped the province to raise an equivalent of five to six domestic bonds
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Banks seized the opportunity to fund in challenging markets ahead of a looming US government shutdown and increased rates volatility
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The Canada Pension Plan Investment Board took immediate advantage of the issuance window following encouraging US inflation data on Thursday to price a new dollar deal.
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Development bank returns to currency after two year hiatus as it nears 80% of funding target
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◆ Arb on offer for Canadian funder ◆ Swiss rates curve inverted, but five year demand still strong
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Issuers target both the short and the long ends of the dollar curve
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Banks alleviate funding costs and diversify buyers as money market funds emerge from banking crisis
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