Sub-Sovereigns - All Articles

  • Regions lining up big borrowing requirements

    Funding needs of regions across Europe are expected to rise this year as borrowers fund responses to the coronavirus pandemic. Spanish and German regions in particular will face heavier borrowing requirements.

    • 30 Apr 2020
  • Domestic deals dominate lagging Swissies

    Swiss franc bond spreads have failed to tighten as much as they have in the euro market, and the lack of price action meant few issuers ventured out this week. A trio of domestic deals comprised the only new supply.

    • 30 Apr 2020
  • EIB and Madrid shine with seven year euro deals

    The European Investment Bank and the Region of Madrid stood out in the public sector bond market this week, with the former achieving its biggest ever order book for a euro benchmark.

    • 30 Apr 2020
  • Spanish regions to pile on more debt in response to Covid-19

    The funding needs of Spain’s regions are expected to rise this year. The coronavirus pandemic is stretching healthcare resources, which are funded at a regional level, and will require financing, according to debt capital markets bankers.

    • 30 Apr 2020
  • EIB grabs record euro book as SSAs hit market ahead of ECB meet

    The European Investment Bank achieved its biggest ever order book in euros on Tuesday, as it sold its first seven year benchmark of the year.

    • 28 Apr 2020
  • Madrid and EIB line up for sevens as Ontario TFT readies euro debut

    The region of Madrid and the European Investment Bank are both marketing seven year euro deals, with the former preparing the first green labelled bond by a Spanish government entity. Elsewhere in the euro public sector bond market, Ontario Teachers’ Finance Trust is moving forward with its first bond in the currency.

    • 27 Apr 2020
  • Madrid set to become regular issuer of green bonds

    Madrid is preparing to sell its first green labelled bond as early as next week, expanding on its established reputation as a sustainable bond issuer.

    • 23 Apr 2020
  • Falling oil price hit Nokkie and Canadian markets

    The prices of Western Canada Select and West Texas Intermediate dropped below zero during trading on Monday, spelling trouble for issuers in the already underperforming Norwegian krone and Canadian dollar.

    • 21 Apr 2020
  • Italy to hit both short and long ends as bigger borrowing begins

    Italy mandated banks for a new five year to be sold alongside a tap of a September 2050 bond on Monday as it prepares to bolt on a bigger funding programme in order to fund its effort against the coronavirus pandemic. The sovereign will be joined by Luxembourg in the euro public sector bond market on Tuesday.

    • 20 Apr 2020
  • Oil crisis drives up Alberta funding needs

    The Province of Alberta is preparing for a bigger borrowing programme to counter the impact of the global oil crisis and the coronavirus pandemic.

    • 14 Apr 2020
  • AFD shows demand for agencies in euros may be slowing

    Agence Française de Développement (AFD) was the latest public sector agency to head to the euro market this week as it raised €1.5bn on Wednesday with a 10 year benchmark. While the deal was fully subscribed, the order book was not huge and the pricing did not tighten from guidance, indicating that the market may be slowing.

    • 08 Apr 2020
  • SRI fund manager calls for social bonds for coronavirus

    The UK Debt Management Office (DMO) and local councils should sell social bonds to help tackle the Covid-19 crisis, said a director for responsible investment at a large asset manager.

    • 08 Apr 2020
  • SSA secondary pricing update: L-Bank achieves strong performance

    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, April 6. The source for secondary trading levels is ICE Data Services.

    • 07 Apr 2020
  • Land NRW’s funding needs to reach up to €40bn for 2020

    The State of North Rhine-Westphalia (Land NRW)’s borrowing programme for the year is on the up and could reach an all-time high in response to the region’s fiscal package to counter the impact of the coronavirus pandemic.

    • 03 Apr 2020
  • Gaggle of SSAs favour themed bonds

    Thursday’s market was heaving with SSAs printing euro deals, many of them opting for themed deals, some of which are specifically addressing the coronavirus outbreak, with bankers suggesting that these are enjoying the hottest demand.

    • 02 Apr 2020
  • Crédit Ag powers up rankings as early effects of corona crisis hit SSA market

    SSA borrowers are going to be scrambling for cash to meet expanded borrowing requirements as they finance the fight against the coronavirus and its effects, but a period of four weeks where the market was all but shut have left the run-rate slightly behind the last few years. Some dealers are finding more success than usual in the new conditions, while others are falling behind.

    • 01 Apr 2020