JP Morgan
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By neglecting its own reporting rules, Fed risks weakening global banking system -
◆ Länder's 10 year 10bp back from KfW ◆ Deal over three times covered ◆ Trade 'could encourage' further German state issuance
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Goldman Sachs joins Western Europe's top three bookrunners
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◆ No new issue premium paid ◆ Green bond helps build book ◆ Good demand for French agencies
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◆ Four issuers out in dollars, three in the same maturity ◆ Swap spread moves foil tightening potential ◆ Deals getting done, but market isn't 'white hot'
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◆ New five year bigger than planned ◆ New dollar book record for sovereign ◆ Rare but regular issuer, 'a pleasure' of a deal
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◆ Fair value calcs far from straightforward ◆ Largest book for index-linked Gilt offering ◆ Less index-linked issuance in 2025-26?
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◆ 'Reasonable interest' in sterling market ◆ Popular tenors accessed ◆ Neither issuer tightens pricing from guidance
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◆ New 10 year priced without tightening ◆ NIP squashed by swap spread moves ◆ ‘High quality book’ nevertheless
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◆ Issuer takes home more than the usual $2bn ◆ Single-digit spread to US Treasury at landing ◆ Dollar investors still attracted by spreads to swaps, yields
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◆ France first out of the door with 30 year ◆ Large book of €115bn, over 450 investors ◆ 'Very compressed' premium like EU and Italy
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◆ First five year dollar from the issuer since 2021 ◆ L-Bank print provided building block ◆ Further dollar deals planned
