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◆ Province lands tight $3bn 10 year ◆ Demand stretches down curve ◆ Sitting alongside sovereign
New issue premiums in recent weeks were lower compared to the highs after the Iran-US conflict began
◆ Only 4bp paid over theoretical new KfW ◆ Länder bonds continued to be seen as expensive ◆ Will bank treasuries switch to EIB from Länder?
Mandates from Eurofima, Germany, Wallonia and the Free State of Thuringia
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◆ Pricing was tricky after Hamburg’s recent five year ◆ Is 7bp the new magic number for Länder? ◆ Five year demand lacking, Thuringia to test 10 year -
Erik Kolski at Land NRW's Ministry of Finance discusses its largest sustainable bond since 2020
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◆ Lead managers propped up order book ◆ Spread to other Länder 'needed more buffer' ◆ Limited read across to other SSA deals
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◆ High portion of international investors ◆ New issue premium paid ◆ Spread to KfW tighter
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◆ Rarity helped the 10 year deal ◆ Spread over KfW estimated ◆ Upside demand as order book grows
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Funding director Jason Lewis and portfolio manager Greg Horan reflect on biggest ever Canadian provincial bond
