Natixis
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◆ Issuer well funded already ◆ Tightens 3bp, no fair value consensus among banks ◆ Demand covers size over three times -
International banks launched a torrent of dollar FIG supply as they swatted away political uncertainty to get 2025 off to a rapid start
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◆ Supra begins 2025 with back-to-back deals ◆ Book was huge at over €47bn ◆ Recent secondary tightening helps execution
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◆ Deal more than twice covered ◆ Pricing tightens 3bp ◆ KfW expected to open supply next week
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◆ 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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◆ 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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◆ Bond priced with no new issue concession ◆ Spread to swaps drives orders ◆ More price discovery for French agencies
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◆ ESM wraps up 2024 funding early ◆ EFSF already completed its annual programme ◆ Issuer seen taking careful approach to pricing
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◆ Issuer returns after seven months, leaves door open for another trade ◆ Tenor, pricing strategy carefully thought out ◆ French agencies test new tights to OATs
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◆ Long-dated euro bonds flourish before ECB meeting ◆ Book doubles after cautious 1bp tightening ◆ Strategy was to ensure secondary performance
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◆ Agency rides the ‘French agency hype’ ◆ Deal tightens more than expected ◆ Book is one of its largest
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◆ ’One of the best trades’ from the past two weeks ◆ Dutch agency chooses short maturity ◆ NIPs have ‘crept up’ but deal priced tight
