Citi
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◆ ‘Important and strategic’ trade for French agency ◆ Regulatory upgrade brings tighter pricing, new investors ◆ Public Aussie debut possible next year -
◆ Potentially final benchmark issuance of 2024 ◆ Pricing 'more or less in line' with fixed rate curve
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◆ Agency brings planned October benchmark ◆ Regulatory boost received in July ◆ Bonds now trade closer to Bpifrance
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Changes follow arrivals of Raghavan and Mangla from JP Morgan
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Company has begun pre-deal investor education to local and international investors on $1.5bn-$1.75bn IPO
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◆ Bond priced with no new issue concession ◆ Spread to swaps drives orders ◆ More price discovery for French agencies
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New boss of Citigroup’s banking division has made sweeping personnel changes, but the bank is also raising its game
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◆ German agency deal not fully covered ◆ ‘Today wasn’t a good day’ for SSAs ◆ Question on screen levels
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◆ First euro deal for decades ◆ Tightened 2bp despite small book ◆ Break with previous issuance pattern
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◆ First 10 year plus sterling deal outside of UK issuance for years ◆ Pricing will appeal to bank treasuries despite tight level to Gilts ◆ Third 2024 World Bank sterling trade
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Bumper September brings post 2020 peak
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◆ Another $500m no-grow launched ◆ Can’t stay away from the dollar market ◆ Fair value hard to pin down
