IFR

Age-related IFR explained and that overall looks more like 0.4 to 1%.

Divyang Shah, strategist at LSEG's IFR Markets, said the markets not delaying expectations for rate cuts highlighted the scale of uncertainty over the policy outlook.

Morgan, Santander and Scotiabank are the joint bookrunners on the offer, IFR said.

Bund futures on Thursday posted the biggest volume yet seen for the September contract, IFR analysts said.

"Before it was about how the U.S. is being more aggressive and the dollar was going up," said Divyang Shah, strategist at Refinitiv's IFR Markets.