Sub-Sovereigns - All Articles

  • Saxony-Anhalt eyes steady flow of PPs

    The Federal State of Saxony-Anhalt has sold its third ever sterling private MTN and is looking to print nearly half of its 2015 funding target through private placements, in any liquid currencies it can find.

    • 27 Jan 2015
  • Secondary pricing update: just what did QE do?

    The runaway winners in this week’s selection of deals in secondaries were those from the eurozone periphery — especially at the far end of the curve — after the announcement of ECB sovereign quantitative easing on Thursday led to plunging yields.

    • 23 Jan 2015
  • Secondary pricing update: featuring Belgium, Ireland and KfW

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

    • 16 Jan 2015
  • Shock SNB move to reshape Swiss primary bond market

    Lesser rated corporates and emerging market names could be the biggest primary market beneficiaries of the Swiss National Bank’s shock decision to dump its exchange rate ceiling and cut interest rates on Thursday, writes Lucy Fitzgeorge Parker.

    • 15 Jan 2015
  • EFSF picks novel maturity as Ontario prints 10 year euros

    The European Financial Stability Facility has opted for an unusual maturity with its first benchmark of the year — set to be priced on Tuesday — in an effort to attract bank treasury accounts. The EFSF follows a 10 year euro benchmark from the Province of Ontario on Monday.

    • 12 Jan 2015
  • Secondary pricing update: how the latest deals fared in the new year

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

    • 09 Jan 2015
  • Public sector borrowers: Asian currencies set for banner year for imaginative SSAs

    As more and more borrowers line up to join the offshore renminbi market, Asian currencies look set to play an increasingly important role for SSA issuers in the year ahead. Jonathan Breen finds out which local currencies borrowers and bankers are placing their bets on.

    • 09 Jan 2015
  • Australia Focus: Semis well set to cash in on scarcity and discipline

    Declining deficits and debt levels, driven by a renewed commitment to fiscal discipline, is leading to a reduction in the size of the funding programmes of Australia’s states. Growing scarcity value, twinned with very strong credit profiles, is likely to lead to a continued compression in the spreads between semis and commonwealth government securities (CGS). The opportunities that are arising as a result were discussed at the GlobalCapital Australian semi-governments roundtable.

    • 09 Jan 2015
  • Public sector borrowers: SSAs count the cost of a safer banking system

    Market participants have been dealing with a raft of regulation since the global financial crisis first hit seven years ago. While those in the sovereign, supranational and agency business welcome a stronger banking system and more robust markets, they are increasingly worried about the unintended impact of policymakers’ actions. Tessa Wilkie reports.

    • 09 Jan 2015
  • Public sector borrowers: Sovereigns braced for bumpy ride despite smooth 2014

    The eurozone economy is in a catatonic state, with falling growth and inflation expectations. But the oodles of liquidity in the system and an ever more dovish European Central Bank means the funding outlook is, on the face of it, strong for the currency bloc’s sovereign borrowers. However, an uncertain political environment, the risk of ECB measures backfiring and the reams of sovereign debt still held by domestic investors provide plenty of concern for 2015. Craig McGlashan reports.

    • 09 Jan 2015
  • Double trouble in euros for hectic SSAs

    An unexpected urgency is sweeping through the euro sovereign, supranational and agency market as borrowers shed their previous reluctance to frontload this year’s funding programmes and rush deals out. Although conditions are notably less benign than this time last year, issuers now fear them worsening later this month due to macro events in the eurozone.

    • 08 Jan 2015
  • KfW powers to a double digit spread through swaps

    KfW showed that pricing through mid-swaps is no obstacle at the start of 2015, as on Thursday it built a comfortably oversubscribed book on the first euro deal to come through swaps this year. The issuer plumped for a 10 year deal — an option also taken by Province of Quebec on Thursday and a tenor that many SSA officials think the European Financial Stability Facility will take next week.

    • 08 Jan 2015
  • SSAs backtrack on first week abstinence, line up euro deals

    Having expected to hold off for a week or two, some sovereign, supranational and agency borrowers are rethinking their plans and contemplating the possibility of bringing forward euro issuance plans to this week.

    • 05 Jan 2015