EMEA
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Shorter tranche far more popular -
There was no new issue premium when the $1.75bn dollar bond priced on Tuesday
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The country has a 'big following' from investors
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◆ Issuer strikes 'fine balance', prioritising size ◆ Pricing came in line with recent peers and KfW ◆ Have 10 year Länder bonds found their level?
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◆ Sovereign ‘clearly listened to investors’ ◆ 15-20 year linker tap slightly different from planned ◆ One long green tap left for 2025
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◆ Curves steepen in euros ◆ Issuers pull triggers as holiday-strewn calendar looms ◆ Single digit new issue concessions for most
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◆ Borrowers take £500m from undersupplied market ◆ Despite lower spread Northern Powergrid's longer maturity trade more popular ◆ Sterling volumes down around 10% from March 2024
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Issuer's rarity meant its deal would be in high demand from investors, said one fund manager
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Country's curve has been 'bulletproof' compared with other African sovereigns
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North Rhine-Westphalia will get "a lot of legroom" to expand investments, treasurer says
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Eleven banks in deal, down from 13 last time
