Sub-Sovereigns - All Articles

  • Japanese buyers join euro investors eager for regional paper

    A pair of French regional issuers could soon join a German sub-sovereign in selling long-dated private placements in yen. Japanese investors are coming late to the party as the regions have already begun to extend their maturities.

    • 31 Jan 2014
  • The Mumble: SSAs should play the long game in PPs

    With a spectacular January in the public markets behind them and much of the new year’s liquidity safely tucked away in some juicy deals, the smartest SSAs will dust off their medium term note programmes and start weighing up their private placement options. And — with investors sniffing around for anything with a whiff of yield — there are a multitude of opportunities for the issuers to push out their average maturities.

    • 31 Jan 2014
  • Aragon grabs €625m as regions revel in Spanish glory

    The Community of Aragon made it a triple whammy for Spanish issuers over the past fortnight as the issuer printed its largest ever bond on Thursday, matching similar records for Madrid and the Spanish sovereign.

    • 30 Jan 2014
  • Japanese buyers eager for regional paper

    A pair of French regional issuers could soon join a German sub-sovereign in selling long dated private placements in yen. Japanese investors are keen to push along the curve in search of yield and look beyond their usual fodder of European agencies to large sub sovereign and regional issuers, SSA Markets understands.

    • 30 Jan 2014
  • SSAs set for a sterling year

    Sterling could be a go-to currency of 2014 for euro funding sovereign, supranational and agency issuers as the euro/dollar basis swap has left dollars looking less attractive and tight dollar swap spreads have some investors picking government bonds over spread products.

    • 29 Jan 2014
  • End in sight for French sub sovereign maturity extension

    An investor hunt for yield and a flattening French sovereign curve are helping the country’s regional borrowers push out the average maturity of their debt. But despite a recent record long tenor by one of the issuers, asset liability management constraints will put a ceiling on further maturity extension, according to dealers.

    • 28 Jan 2014
  • Madrid breaks records as love for sovereign filters down to regions

    The Autonomous Community of Madrid showed that sovereigns are not the only issuers welcome in the seemingly never ending parade of barnstorming peripheral eurozone bond syndications since the turn of the year on Tuesday. The region sold its largest ever bond at a pre-crisis spread over Bonos, leaving a clear space in the pageant for other Spanish regions to seek suitors in the coming weeks.

    • 28 Jan 2014
  • Regions and agencies ride on Spain’s wave

    The Autonomous Community of Madrid is set to sell its first euro benchmark in a year this week, while Instituto de Crédito Oficial could return to the Samurai market after a nearly four year absence. The potential trades come after Spain wowed the market by printing the largest eurozone sovereign deal in history last week.

    • 27 Jan 2014
  • Ontario finds favour in dollars

    A five year dollar benchmark from Province of Ontario looked set for success on Thursday. Strong demand, stimulated by the double-digit spread to mid-swaps on offer, has allowed the issuer to set the size $500m larger than targeted.

    • 23 Jan 2014
  • New investors drive Laender benchmark

    International appetite boosted a benchmark trade from the Joint Laender (44) on Wednesday, with interest from several new investors helping to buoy the deal.

    • 22 Jan 2014
  • Bright outlook for Kiwi dollars as Land NRW debuts

    The Federal State of North Rhine-Westphalia sold a debut New Zealand dollar trade on Tuesday, a short dated floater. Kommuninvest sold a similar trade on the same day and bankers expect to see more New Zealand dollar deals out in the near future.

    • 21 Jan 2014
  • Joint Laender offers attractive premium with new seven year

    The Joint Laender (44) announced a first benchmark of the year on Tuesday afternoon, offering a more attractive premium for the seven year paper than with its last capital markets outing

    • 21 Jan 2014
  • Secondary pricing update

    This week SSA Markets introduces an update on where recent deals are trading in the secondary market. Read on to see how deals priced in the first week of the year are faring. Trading levels given are the bid-side spreads versus mid-swaps and/or an underlying benchmark bond as of Thursday's close. The source for secondary trading levels is Interactive Data.

    • 17 Jan 2014
  • EFSF leads euro charge with €8bn barnstormer

    The European Financial Stability Facility opened its 2014 funding programme with a deal that equaled its largest ever trade and came at the tight end of price guidance. The deal crowns a run of oversubscribed euro trades this week.

    • 15 Jan 2014
  • EIB adds to Swiss SSA successes with green debut

    The European Investment Bank sold the first ever green bond in the Swiss franc market on Wednesday afternoon, continuing a string of successful SSA issuance at the far end of the curve in the currency this week.

    • 08 Jan 2014