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Deutsche Bank: Syndications - Allocations' Comparison Between Jan-24 & Jan-23

EGBS

Deutsche Bank write “focusing on the 10 largest issuers (EMU10), we've seen a total syndications' volume of EUR62bn this January vs EUR45bn in January 2023 & EUR44bn in January 2022 (entire month). Moreover, we've seen a cumulative weighted average book-to-issue ratio of 9.7 vs 6.3 last year, signalling much larger books this time around.”

  • “When combining auctions & syndications, the last two week's EGB supply of 100bn is a new historical high in terms of rolling 2-week supply in nominal basis (EUR bn). That is not the case in DV01 adjusted basis though where there have been larger 2-week issuance periods in 2020 & 2021 (lower rates & higher DV01 then). Nevertheless, the last 2-week’ss supply is still in the top 10 historically.”
  • “Most importantly, in terms of allocations' breakdown, when comparing to January 2023 we notice higher allocation to investors outside EU (+5.8% in allocation basis) in terms of geographical breakdown, and to official institutions/central banks (+4% in allocation basis) in terms of investor type. Insurers/Pension funds follow with +3% allocation while banks have gotten smaller allocations (-3.3%).”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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