TD Securities
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◆ Fair value uncovered after SSA repricing ◆ Printing €1bn 'looks like a stretch' ◆ Higher than average coverage ratio -
◆ Issuer lands records in joint largest transaction ◆ Spread to World Bank ◆ Bigger size attracts more investors
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◆ World Bank returns to five year dollars ◆ Rare IDA 10 year on offer in euros ◆ Supra open for business until year-end
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◆ Issue takes large size from single tranche ◆ Tight US Treasury spread is expected ◆ How much tighter can issuers go?
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◆ Three year deal 'obviously the blowout' trade of the day ◆ Biggest order book in dollars ◆ Pricing through fair value but still attractive relative value
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◆ Three year bond cost ‘flattish to euros’ ◆ Tight Treasury spread? No bother ◆ €10bn left to do of €80bn target
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◆ KfW issues its final dollar benchmark of 2024 ◆ Dollar cost improved but remains pricier than euros ◆ Agency peers BNG, KBN also found support
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◆ Pricing tight despite 'conservative' start ◆ Dollar market still has the edge over euros ◆ Fellow European agency prints in euros
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A busy pipeline is forming in the SSA market as the EU preps its next scheduled transaction
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◆ Spreads too good for banks to regret issuing ◆ One of the busiest September starts in US FIG ◆More than a dozen foreign banks print over $27bn in just three days
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◆ IDA navigates busy dollar market ◆ IFC deal ‘ticked a number of boxes' ◆ Size important for IDA, while not the objective for IFC
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◆ TD prints second euro FRN of 2024 ◆ NordLB makes SNP debut ◆ Sabadell enters sterling senior market
