Sub-Sovereigns - All Articles

  • SSA secondary pricing update: Euro deals outperform dollars

    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, March 30. The source for secondary trading levels is ICE Data Services.

    • 31 Mar 2020
  • CPPIB leads Canadians to tricky euro market

    CPPIB Capital hit the euro market on Monday, becoming the first SSA borrower not eligible for QE to access the market since the coronavirus outbreak shuttered the market. A fellow Canadian is set to follow suit.

    • 30 Mar 2020
  • Swissies get to grip with wildly wider spreads

    Issuers and investors in the Swiss franc market are grappling with much wider spreads on domestic and foreign issuers because of the volatility around the coronavirus pandemic.

    • 26 Mar 2020
  • SSAs pile into bond market to fight Covid-19

    Public sector borrowers returned en masse to the primary bond market this week, with many selling new issues with an explicit focus on providing emergency financing in response to the coronavirus outbreak.

    • 26 Mar 2020
  • Investors demand crazy rich NIPs as SSA market reopens

    The primary public sector bond market came back to life on Tuesday as a pair of sovereigns and the European Investment Bank sold deals alongside German states. But it was far from a case of picking up where they left off as borrowers were made to pay new issue premiums of up to 20bp versus the secondary market levels on screens.

    • 24 Mar 2020
  • SSA secondary pricing update: Land NRW bucks trend and performs

    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, March 23. The source for secondary trading levels is ICE Data Services.

    • 24 Mar 2020
  • German states’ funding hitting €100bn not ‘unrealistic’, says global DCM head

    The combined capital markets funding of German states in 2020 will substantially rise and could return to the levels seen at the height of the global financial and eurozone sovereign debt crises, according to a global head of debt origination.

    • 24 Mar 2020
  • Bavaria raises €3bn with crisis bond amid lockdown

    The Free State of Bavaria enjoyed a strong reception from investors as it returned to the capital markets on Monday for the first time since 2014 to fund a Covid-19 fiscal package by the Bavarian government.

    • 23 Mar 2020
  • Land NRW offers ‘substantial’ NIP, funding needs to rise

    The State of North Rhine Westphalia (Land NRW) had to pay a large new issue premium on Thursday as it brought the first SSA deal of a volatile week.

    • 19 Mar 2020
  • Wallonia coming for sustainability bond; opts for calls over meetings amid pandemic

    The Belgian region of Wallonia has decided to conduct the investor marketing for its euro sustainability benchmark solely over the phone rather than by attending meetings as the Covid-19 pandemic worsens.

    • 12 Mar 2020
  • Lancashire scores with first MBA bond

    Lancashire County Council raised £350m ($453.5m) of five year cash on Thursday through the UK Municipal Bonds Agency platform. It is the first local authority to do so since the MBA was set up.

    • 05 Mar 2020
  • A tale of two outcomes as German states hit market

    Two German states rebooted the primary SSA market on Tuesday with intraday deals at the opposite ends of the euro curve. The five year deal was almost two times covered but there were no book updates for the 15 year.

    • 03 Mar 2020
  • SSA secondary pricing update: Spain and ESM trade wider

    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, March 2. The source for secondary trading levels is ICE Data Services.

    • 03 Mar 2020