Sub-Sovereigns - All Articles

  • Lufthansa flies in amid market turbulence

    Only a few issuers braved the MTN market in what was otherwise a week silenced by coronavirus volatility. With deals far and few between, bankers highlighted trades from Lufthansa and the Brussels Capital Region as market standouts.

    • 28 Feb 2020
  • SSA secondary pricing update: yields fall but spreads mostly hold

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 24. The source for secondary trading levels is ICE Data Services.

    • 25 Feb 2020
  • Madrid ratchets in spread

    Two SSA borrowers hit screens on Wednesday with green euro benchmarks, following a successful outing by Madrid, which saw the bond’s sustainability feature driving the spread to the tightest achieved at reoffer by a Spanish region.

    • 20 Feb 2020
  • Aussie state duo debut in euros

    A pair of Australian sub-sovereigns have made their debuts in the euro market in recent days. An attractive basis swap helped to encourage issuers to sell into unusually strong demand for long dated euro paper.

    • 20 Feb 2020
  • Madrid gets biggest book and tightest spread with sustainable bond

    Madrid hit the market with a 10 year sustainable bond on Tuesday, raising €1.25bn at its tightest ever spread to the Spanish sovereign, selling into its largest ever book.

    • 18 Feb 2020
  • Local bonds for local people

    By opening up its debut social bond to retail investors, Munich highlighted an often overlooked strength of the socially responsible investment (SRI) market. Distributed correctly, these funding tools demonstrate the true impact of ethical investing.

    • 18 Feb 2020
  • Belgium and Madrid get ready for 10 and 20 year deals

    Two public sector borrowers hit screens with new issues on Monday, with Belgium choosing a 20 year and Madrid opting for a 10 year sustainable bond.

    • 17 Feb 2020
  • UK MBA finalises syndicate for debut bond

    The UK Municipal Bonds Agency has chosen a syndicate of three banks to arrange a series of investors meetings starting on Tuesday for its first bond, a five year Sonia-linked floater for Lancashire County Council.

    • 17 Feb 2020
  • Ontario prints its first DMTN green bond

    Ontario printed a first green bond off its domestic medium term note programme this week, and the deal was over six times covered. Demand for green provincial paper is high, with Ontario coming a week after neighbouring Quebec.

    • 13 Feb 2020
  • SGP locks in ‘strategic’ 50 year green as SSAs pile into SRI

    Société du Grand Paris hoovered up strong demand this week to sell the longest ever public syndicated green bond. The French agency was joined by three other public sector borrowers in raising socially responsible bonds this week, including the first European city to issue a social-labelled bond.

    • 13 Feb 2020
  • SGP takes size with 50 year green as Munich brings city first

    Société du Grand Paris impressed the SSA market on Tuesday with a series of superlatives. It sold its biggest ever bond with the longest ever maturity for a syndicated green bond in any asset class. The City of Munich hit another landmark with the first social bond from a European city.

    • 11 Feb 2020
  • SSA secondary pricing update: JFM green debut tightens 5bp

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 10. The source for secondary trading levels is ICE Data Services.

    • 11 Feb 2020
  • SGP and Munich to set new landmarks in SRI bond market

    Société du Grand Paris and the City of Munich will break new ground in the socially responsible bond market this week as the pipeline for green and social debt from public sector borrowers builds.

    • 10 Feb 2020
  • SSAs make most of good mood and booming dollar market

    Five SSA issuers brought dollar deals to market this week, hitting screens in a variety of formats and tenors. With investors undeterred by volatile government bond yields, issuers made the most of excellent conditions to pull off impressive deals.

    • 06 Feb 2020
  • Bumper demand for Quebec green deal

    Demand for Quebec’s latest green bond was high with investors pouring into the C$500m ($376.2m) no-grow deal, leading to the books closing after only 20 minutes.

    • 06 Feb 2020
  • Slew of dollar paper hits SSA market

    Three SSA issuers brought dollar deals to market on Wednesday, hitting screens in a variety of formats and tenors, making the most of excellent conditions to pull off impressive deals. A fourth is lined up for Thursday.

    • 05 Feb 2020
  • Quebec readies Canadian dollar green bond

    The Province of Quebec has hired banks to lead a new Canadian dollar green bond — its first since the start of last year.

    • 04 Feb 2020
  • Finland smashes book record with positive-yielding 16 year

    Finland received record demand for its first syndication of the year on Tuesday. The sovereign was joined in the long end of the curve by the State of North Rhine Westphalia as it tapped its February 2038s.

    • 04 Feb 2020
  • EIB and Quebec open the floodgates for dollar SSA market

    The European Investment Bank and the Province of Quebec were well subscribed as they re-opened the dollar SSA market following the extended Lunar New Year holiday. Two more public sector borrowers will follow with dollar bonds on Wednesday, ahead of what is expected to be a busy month in the currency.

    • 04 Feb 2020
  • Finland and Land NRW jump to long end amid Coronavirus rally

    The Republic of Finland and the State of North Rhine Westphalia hired banks on Monday to prepare syndicated bonds at the long end of the euro curve. Yields of eurozone haven assets remain compressed while fears of the coronavirus outbreak intensify.

    • 03 Feb 2020