Natixis
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Agency issuers appeared after the EU cleared a €7bn syndication -
Tactic of bringing a ‘materially different’ transaction paid off
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Supply resumes after issuers took a nearly three month break
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Both issuers managed to summon large demand for their euro trades
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The supranationals will set the tone for a month crowded with issuance
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Reception from investors on Tuesday are weaker than some had expected
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EIB, KfW and BNG lead peers as expected, alongside DBJ which announced last week
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◆Improved Japanese investor appetite visible in non-preferred tranches◆ Two more issuers may print in yen as early as next week◆ Crédit Agricole takes different approach with Panda
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◆ Domestic and international investors split over price ◆ Final spread strikes balance between differing spread opinions ◆ Debut deal attracts highly granular book
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◆ High demand for debut labelled FIG debt ◆ Two factors behind the single digit concession ◆ NordLB to break senior issuance hiatus in green
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Pipeline includes LBBW's dual tranche that will also feature a 10 year maturity
