EIB
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IFC ends a 30-year absence as Swissie market maintains a stellar form -
◆ Issuer matches previous record ◆ Pricing level was 'never a question' ◆ Market shrugs off Gilt selling
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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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◆ Record books from top tier issuers ◆ Investors attracted by different tenors ◆ Heavy competition in five years expected next day
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In euros, KfW and Belgium will test new year clearing levels
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Collateral management an 'extremely' interesting use case, but 'no eureka moment' as six month trial comes to a close
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◆ Two day execution ensures T+0 settlement ◆ Goldman Sachs acts as platform provider ◆ Second recent exloratory project
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◆ Last EARN benchmark from the supra this year ◆ Deal's success will be hard to replicate ◆ Issuer could prefund another €4bn
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Supranational navigates a tough market to take target size with SAB at an attractive level
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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
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◆ Deal follows last week’s $5bn five year ◆ Issuer pays its usual 2bp NIP ◆ Large SSAs race to get funding done
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◆ Blowout books ◆ World Bank goes for dual trancher and dual currencies on same day ◆ EIB success formula discussed
