TD Securities
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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 -
◆ 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
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◆ Kommuninvest spread surprises bankers ◆ KommuneKredit takes twice covered book ◆ ‘A tough one at the moment’ for euros
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Bankers split on expectations as ‘everyone has been in the market’
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◆ Missing fast money causes problems ◆ Fair value is a moving target ◆ SEK sails through with no-grow
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◆ Rare deal pairs payouts in the same tenor ◆ €1.5bn also raised in longer tranche ◆ No cannibalisation
