Sub-Sovereigns - All Articles

  • Alberta debuts in Nokkie

    Alberta made its first foray into the Norwegian kroner market on Thursday — the same day that S&P placed the province’s credit outlook on negative.

    • 29 May 2020
  • France smashes 20 year as demand heats up in long end

    France impressed as it received a record €51bn order book and paid a small new issue premium with its first syndication since the outbreak of the Covid-19 pandemic. The sovereign was joined in the long end of the curve this week by two sub-sovereign borrowers as investor appetite for duration grows, with more supply expected to follow.

    • 28 May 2020
  • Wallonne hits long end with debut social bond as Bpifrance takes size

    The Belgian region of Wallonne took advantage of the growing demand in the long end of the curve to sell its first social bond on Thursday, although it had to pay a chunky new issue premium to do so. Elsewhere, Bpifrance received plenty of demand to print €1.25bn with a 10 year trade.

    • 28 May 2020
  • France breaks book record as SSA investors seek duration

    France received its biggest ever order book as it came to the market for a 20 year syndication on Tuesday. SSA bankers say that investors are looking for duration after previously sticking to defensive maturities as the Covid-19 crisis eases.

    • 27 May 2020
  • Dollars keeps centre stage in SSA primary

    Dollars was the favoured currency for public sector borrowers for the second week running this week, giving attractive funding conditions for euro borrowers amid strong investor demand, particularly in the 10 year part of the curve.

    • 21 May 2020
  • Demand high for short end Nokkie paper

    The recent maturity of a large Nokkie line released NOK9bn ($904.5m) into the market last week, with some foreign investors eager to reinvest in attractive short end paper.

    • 20 May 2020
  • Belgium returns to dollars as AIIB and NWB ready SRI bonds

    Belgium took advantage of more attractive funding conditions in dollars versus euros and strong demand at the 10 year point of the curve to sell its first dollar bond since 2017 on Tuesday. SSA supply in dollars will continue on Wednesday with the Asian Infrastructure Investment Bank and Nederlandse Waterschapsbank bringing socially responsible deals.

    • 19 May 2020
  • Belgium set for dollar return as SSAs seek arb

    Belgium is set to issue its first dollar bond since 2017 as euro funders continue to take advantage of the attractive funding conditions in the currency, with three other public sector borrowers also in the market for dollars.

    • 18 May 2020
  • JFM and Ontario snap up dollars

    The Province of Ontario raised $1.75bn with a rare seven year dollar benchmark on Thursday. The transaction shared the market with a five year from Japan Finance Organisation for Municipalitities.

    • 15 May 2020
  • Geneva scores big with triple trancher

    The Canton of Geneva took its 2020 funding up to almost Sfr1.2bn ($1.2bn) this week with a triple tranche deal — the most it has funded in a single year since 2013, according to Dealogic. Elsewhere, an attractive basis for dollar funders led a pair of rare issuers to return to the market.

    • 14 May 2020
  • Finland returns to busy dollar market

    The Republic of Finland had to share its return to dollar market on Wednesday with a trio of three year SSA deals. Demand for dollar SSA bonds has been strong this week, and with mandates out for five and seven year deals,issuers are still looking to take advantage

    • 13 May 2020
  • SSA secondary pricing update: World Bank 10 year tighter but Germany marginally widens

    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, May 11. The source for secondary trading levels is ICE Data Services.

    • 12 May 2020
  • SSA quintet on screens for dollars

    Five public sector borrowers are marketing dollar bonds across the curve kicking off what it is expected to be a busy week in the currency.

    • 11 May 2020
  • Norges Bank shocks with cut to zero

    The Norges Bank surprised the market with an unexpected base rate cut to a record low of zero on Thursday. Since the start of the year, coronavirus volatility and wildly gyrating oil prices have buffeted the value of the kroner.

    • 07 May 2020
  • Crisis Talk — with virology expert professor Peter Openshaw on why post-Covid offices must adapt

    As Western societies begin to contemplate life returning to some semblance of normality, the financial industry is working out how best to balance the understandable desire to get back to how things were before the crisis with the very real threat of a new and more deadly wave of coronavirus brought on by a mass-return to offices. GlobalCapital’s Silas Brown spoke with Peter Openshaw, a specialist in immunology and virology and professor of experimental medicine at Imperial College, about the transmission of Covid-19 and how banks, investors and companies can reduce the risk of infection.

    • 06 May 2020
  • SSA secondary pricing update: Spain and Italy trade tighter after record demand

    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, May 4. The source for secondary trading levels is ICE Data Services.

    • 05 May 2020
  • Saarland scoops €500m with seven year

    The Federal State of Saarland hit the market on Monday to raise €500m with its first seven year bond since 2016.

    • 04 May 2020
  • Barnsley and Westminster first up for MBA pooled bond

    The UK Municipal Bonds Agency has announced the two first councils that will take part in its pooled issuance scheme, although the bonds themselves may well not be issued before the summer.

    • 01 May 2020