Sub-Sovereigns - All Articles

  • Ontario uses private market to stay active in euros

    The Province of Ontario has sold privately placed debt in euros for the first time, grabbing duration and attractive pricing with the trade, according to the issuer.

    • 29 Jan 2016
  • Catalonia offers to take 11% of Spain's debt

    Catalonia’s new pro-independence government wants to negotiate with Madrid on the basis that it will take on 11% of the Spanish national debt, GlobalCapital can reveal. That would raise Spain’s debt-to-GDP ratio at a stroke from 99% to 111%, write Victor Jimenez and Craig McGlashan.

    • 28 Jan 2016
  • Lower Austria tops up 2021 and 2023 Swiss franc lines

    Swiss franc investors made the most of a rare opportunity to buy Austrian sub-sovereign paper on Thursday when Land Niederoesterreich (Lower Austria) tapped its April 2021 and September 2023 bonds.

    • 28 Jan 2016
  • Floaters dominate MTN market in low rate environment

    A difficult start to 2016 has led public markets looking subdued at best. Issuers and investors alike are turning to the private placement market to get deals done.

    • 26 Jan 2016
  • Ontario prices second green bond in Canadian dollars

    The Province of Ontario last Friday took advantage of a calm end to a volatile week, pricing its second green bond in Canadian dollars at the very tight end of guidance.

    • 25 Jan 2016
  • Manitoba back in euros, public deal not likely

    The Province of Manitoba has returned to euros early in 2016, printing €45m of 25 year paper through Scotia Capital.

    • 20 Jan 2016
  • Canada’s borrowers survey the market’s tough scene

    Canada’s reputation as a top notch sovereign issuer may have taken a hit thanks to plunging commodity prices — with the problem particularly acute for oil producing provinces such as Alberta, which face rapidly rising borrowing needs. And the commodity concern comes as worries over a Canadian housing bubble linger on. But with its total net debt-to-GDP among the lowest of G7 countries and some of its smallest provinces able to bring strong bond deals to the international markets, the Canadian story is still a strong one.

    • 15 Jan 2016
  • German Laender spreads to tighten in expectation of ECB investment

    German Laender yields are expected to fall in the wake of the European Central Bank's announcement that sub-sovereign issuers are to be included in its asset purchase programme.

    • 14 Jan 2016
  • Sub-sovereigns are suffering because of Draghi’s dithering

    European Central Bank needs to give Europe's regions clarity on whether it will buy their bonds. Delaying the decision costs the central bank credibility, leaves the regions in a damaging limbo and hurts issuers that tend to print private deals.

    • 14 Jan 2016
  • Issuers line up in dollars despite tricky conditions

    A pair of SSAs are set to bring dollar deals on Wednesday, despite worries over the health of the Chinese economy making life difficult for other issuers in the currency on Tuesday.

    • 12 Jan 2016
  • Sub-sovereigns are suffering because of Draghi’s dithering

    The European Central Bank needs to give Europe's regions clarity on whether it will buy their bonds. Delaying the decision costs the central bank credibility, leaves the regions in a damaging limbo, and hurts those issuers that tend to print private deals.

    • 12 Jan 2016
  • German Länder spreads to tighten ahead of PSPP expansion

    German Länder yields are expected to fall in the wake of the European Central Bank's announcement that sub-sovereign issuers are to be included in its asset purchase programme.

    • 11 Jan 2016
  • Swiss canton hits negative yield with return to home currency

    Canton of Schwyz printed a seven year note with a negative yield on Monday, with what was its first Swiss franc bond since 2011.

    • 11 Jan 2016
  • GlobalCapital reveals SSA Deals of the Year 2015

    The GlobalCapital editorial team has picked what it believes to be the standout bond issues of 2015 across the corporate, public sector, financial institution and emerging market bond markets. Below are the SSA Deals of the Year 2015. We selected the trades that we think will be remembered for their success in challenging conditions, for making the best use of the demand available to them, or for having made a longer lasting impact, such as the re-opening of a market. The winners are presented here.

    • 04 Jan 2016
  • GlobalCapital reveals 2015 SSA Deals of the Year

    The GlobalCapital editorial team has picked what it believes to be the standout bond issues of 2015 across the corporate, public sector, financial institution and emerging market bond markets. Below are the SSA Deals of the Year 2015. We selected the trades that we think will be remembered for their success in challenging conditions, for making the best use of the demand available to them, or for having made a longer lasting impact, such as the re-opening of a market. The winners are presented here.

    • 04 Jan 2016