Sub-Sovereigns - All Articles

  • Ontario follows Nordic floaters in dollars

    The Province of Ontario has mandated three banks to run the syndication of a 2.5 year dollar floating rate note. Meanwhile, Norway’s Kommunalbanken and Sweden’s Kommuninvest priced dollar floaters on Wednesday afternoon.

    • 30 Jan 2013
  • Quebec breaks into sub-Libor territory with Swiss return

    Quebec returned to the Swiss franc market on Tuesday with a 10 year trade. While Quebec was once popular with Swiss investors for offering an enticing spread compared to sub-Libor domestic credits, the issuer has now achieved sub-Libor pricing of its own.

    • 29 Jan 2013
  • Hessen to brave low yield environment with seven year trade

    The Federal State of Hessen has mandated banks for its second syndicated trade of the year, a seven year fixed rate deal expected to launch on Tuesday morning. Leads are expecting to attract enough demand for a benchmark trade, but, with pricing tight for German states, it could be difficult to stir up demand.

    • 28 Jan 2013
  • Madrid’s funding flash may cost dear

    The Autonomous Community of Madrid’s decision to complete all of its 2013 funding in one fell swoop on Wednesday may have left it with a higher than necessary cost of funding, warned bankers on Thursday. With the rally in the eurozone periphery showing no signs of abating, a more staggered approach to funding could have saved the issuer precious basis points.

    • 24 Jan 2013
  • Thuringia mulls 10 year following Laender’s €1bn print

    The German Laender (42) priced its first trade of2013 on Thursday, plumping for a 10 year benchmark. The deal hit full subscription despite bankers away from the deal calling the pricing tight. The State of Thuringia is now considering a 10 year trade, according to syndicate official.

    • 24 Jan 2013
  • Madrid follows Spain with €2bn sale

    The Autonomous Community of Madrid followed hot on the heels of Spain’s 10 year, which was priced Tuesday, with a five year benchmark and a hefty private placement.

    • 23 Jan 2013
  • Hessen prices 10 year benchmark

    The German state of Hessen priced a 10 year benchmark on Monday to open its annual funding task.

    • 14 Jan 2013
  • Limited domestic opportunities lead Auckland to look abroad

    Auckland Council, the public authority that administers the most populous region in New Zealand, which sold its first Swiss franc bond on Monday, has been looking at opportunities for foreign currency issuance in response to a saturated domestic investor base and also to up its long-dated funding.

    • 08 Jan 2013
  • German state prices debut benchmark

    The State of Mecklenburg-Western Pomerania came to market with its first benchmark syndicated trade, a 10 year bond, on Monday morning. The deal absorbed investor interest stirred up by the State of Lower Saxony’s seven year deal last week.

    • 07 Jan 2013
  • Auckland enters Northern hemisphere with 11 year Swissie

    Auckland Council, the entity governing New Zealand’s most populous region, made its debut in Swiss francs on Monday with an 11 year trade. The deal is Auckland’s first trade in a currency other than New Zealand dollars or Australian dollars. Meanwhile, MuniFin tapped a 10 year.

    • 07 Jan 2013
  • Saxons come early risking flop after New Year break

    Lower Saxony was the first of the German states to come to market this year, pricing a seven year trade on Thursday. The leads will price the deal on Thursday afternoon, following a bookbuild impaired by a lack of interest from domestic investors.

    • 03 Jan 2013