Morgan Stanley
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◆ Joint largest size from non-UK public sector issuer ◆ ADB also raised £1bn ◆ Cross currency basis allows for sterling concession -
◆ Deal more than twice covered ◆ Pricing tightens 3bp ◆ KfW expected to open supply next week
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◆ Tuesday tap surprise was pre-funding ◆ Next year’s programme revealed ◆ Historical spreads facing French agencies
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◆ Tap was four times covered ◆ No premium required ◆ Spread to mid-swaps attracts
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UK lender adds to Yankee invasion as domestic trio go super long
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◆ Potentially final benchmark issuance of 2024 ◆ Pricing 'more or less in line' with fixed rate curve
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◆ Deal thought to be KfW's dollar benchmark finale for year ◆ Tight Treasury pricing beats World Bank's 6.9bp record spread ◆ Issuer has no need for a big benchmark
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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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◆ US bank brings sizeable sterling deal ◆ Fair value debated ◆ Bankers say sterling starved of supply
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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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◆ First euro deal for decades ◆ Tightened 2bp despite small book ◆ Break with previous issuance pattern
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◆ First 10 year plus sterling deal outside of UK issuance for years ◆ Pricing will appeal to bank treasuries despite tight level to Gilts ◆ Third 2024 World Bank sterling trade
