MNI EXCLUSIVE: Interview with Former Fed's Mester

• EUR/USD: Oct01 $1.1375-80(E2.0bln), $1.1400(E1.0bln), $1.1425(E2.0bln), $1.1595-05(E2.0bln); Oct02 $1.1375-90(E3.0bln), $1.1450(E1.6bln); Oct05 $1.1400(E3.5bln), $1.1550(E3.0bln)
• USD/JPY: Oct01 Y154.00($1.5bln), Y155.00($1.3bln), Y156.00-10($2.5bln), Y156.50($1.2bln), Y157.00($1.0bln), Y158.00($1.2bln), Y158.25($1.6bln); Oct02 Y157.00($1.9bln), Y158.00($2.3bln); Oct05 Y155.70($1.0bln), Y155.96-00($2.2bln)
• GBP/USD: Oct01 $1.3180-00(Gbp1.2bln), $1.3485-05(Gbp1.0bln)
• AUD/USD: Oct01 $0.7030-50(A$1.4bln)

• E1.0bln tap of the 4.375% May-31 BGARIA (ISIN: XS2716887760)
  • Spread: MS+60bps (IPTs: MS+80bp area)
  • Books in excess of E2.4bln (incl E120mln JLM int)
  • HR: 102% vs 2.90% Oct-31 Bobl (ISIN: DE000BU25075) + 82.2bps. Ref: 96.20% / 3.413%
  • Reoffer: 4.235% to yield 100.554%
• E0.75bln tap of the 4.625% Sep-34 BGARIA (ISIN: XS2536817484)
  • Spread: MS+95bps (IPTs: MS+115bp area)
  • Books in excess of E2.5bln (incl E120mln JLM int)
  • HR: 101% vs 2.60% Aug-34 Bund (ISIN: DE000BU2Z031) + 106.6bps. Ref: 93.62% / 3.542%
  • Reoffer: 4.608% to yield 100.109%
• E0.5bln of the 4.25% Sep-44 BGARIA (ISIN: XS2890435600)
  • Spread: MS+160bps (IPTs: MS+175bp area)
  • Books in excess of E1.9bln (incl E25mln JLM int)
  • HR: 93% vs 2.50% Jul-44 Bund (ISIN: DE0001135481) + 141.7bps. Ref: 82.20% / 3.908%
  • Reoffer: 5.325% to yield 87.769%

For all:

• Bookrunners: BNPP (B&D), ERSTE, ING, JPM, KBC
• Settlement: Oct. 2, 2026
• Timing: Priced, TOE 31s 16:13 UKT, 34s 16:14 UKT, 44s 16:15 UKT, FTT Immediately

From market source, with MNI colour

• Date $MM Issuer (Priced *, Launch #)
• 09/29 $1.5B *IBRD +6Y SOFR+37
• 09/29 $500M *DBJ WNG 10Y SOFR+69
• Expected to price Wednesday:
• 09/29 $Benchmark Paramount Skydance: 2Y +187.5a, 3Y +200a, 5Y +237.5a, 7Y +275a, 10Y +300a, 20Y +335a, 30Y +350a and 40Y +365a