JP Morgan
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◆ Fair value uncovered after SSA repricing ◆ Printing €1bn 'looks like a stretch' ◆ Higher than average coverage ratio -
◆ Supra returns after two-year hiatus ◆ Deal reopens SSA benchmark issuance, paused since late October ◆ Relative value in focus after end of ECB buying, recent swap moves
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◆ ‘Pragmatic’ issuer prices at new found level ◆ KfW bonds used as building block for pricing ◆ Deal should give ‘encouragement’ to others
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◆ First SSA euro deal sold in nearly two weeks ◆ Rarity, yield and green label lead to 'strong success' ◆ E-supras' curves referenced for pricing
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◆ ‘Important and strategic’ trade for French agency ◆ Regulatory upgrade brings tighter pricing, new investors ◆ Public Aussie debut possible next year
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Euro loans could outperform despite offering lower coupon payments than in dollars
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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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◆ Dual-tranche deal attracts €200bn of orders ◆ New seven year was somewhat unexpected ◆ Bookbuilding started with 4bp of premium
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Two more major US banks issue bonds but three do not despite spreads at post-GFC tights
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◆ Deal sees $4.25bn in demand ◆ Good value versus tier one SSAs ◆ Short-end dollar attracts interest
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◆ World Bank returns to five year dollars ◆ Rare IDA 10 year on offer in euros ◆ Supra open for business until year-end
