KommuneKredit
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◆ Deal size increased to £375m from £250m ◆ Danish issuer's second largest print in sterling ◆ 'Positive takeaway' from smaller agency deals -
◆ Kommuninvest spread surprises bankers ◆ KommuneKredit takes twice covered book ◆ ‘A tough one at the moment’ for euros
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Pricing from swap curve has taken a firm hold in 2024
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Danish agency scored largest ever book and at a tight spread to US Treasuries
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Demand for long-dated public sector bonds, including private placements, is rising
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Demand for long-dated SSA bonds surges as bets on spring cuts persist
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KommuneKredit, CDC and MuniFin keep euro and dollar investors busy
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Despite rush of agency deals in dollars, pinpointing fair value is hard
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‘Robust’ market has proven itself since summer, says lead
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‘Things didn’t add up’ for a tap until this week
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If the pricing lines up and the investor base is there, SSA borrowers are willing to pull the trigger
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Hopes that ‘the party’ will go on in a market that has not always had open access of late — but Congress drama could shut it down
