JP Morgan
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◆ Views on fair value differed ◆ France syndication ‘the next big test’ ◆ Supra attracts €60bn final book -
New head of debt management discusses first dollar deal of year
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◆ US bank funds in the single currency a day after hitting the US market ◆ 'Aaggressively' price tightening met by strong demand for duration ◆ CA Auto Bank sells FRN on Goldman's heels
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◆ DC-based supra taps undersupplied part of curve ◆ Much bigger book than usual ◆ Secondary levels makes judging fair value hard
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◆ Record book for the German state ◆ Länder-KfW spread now much healthier ◆ Strong bid for German assets at current levels
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◆ German states are performing well ◆ Placing fair value for the Länder segment is hard ◆ 15-year deal tightened 3bp
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◆ Bloc takes more than bankers anticipated ◆ Triple-digit orderbook for long-dated tap ◆ Bankers agree on fair value
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◆ Issuer well funded already ◆ Tightens 3bp, no fair value consensus among banks ◆ Demand covers size over three times
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◆ Size was at upper end of recent range ◆ Book was over €30bn at one point ◆ Portuguese bonds still tight versus peers
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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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◆ Supra begins 2025 with back-to-back deals ◆ Book was huge at over €47bn ◆ Recent secondary tightening helps execution
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◆ First out of three Belgian euro syndications proved a hit ◆ Usual 2bp premium paid ◆ Italy to follow with potential €20bn deal
