JP Morgan
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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' -
◆ 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
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◆ EIB breaks its previous record ◆ Bond prices tight ◆ Deal could inspire further 10 year issuance
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◆ Large tightening in line with recent trades ◆ Prices flat or through fair value ◆ No French agency deals expected next week
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US money center bank's perp propels systemically important firms' January issuance to near-$49bn monthly record
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◆ Reverse Yankee FIG issuance 17 times greater than 2024 ◆ US banks benefit from cross-currency basis ◆ Bankers discuss Reverse Yankee pipeline
