Sub-Sovereigns - All Articles

  • EFSF rounds off Q3 funding at auction

    The European Financial Stability Facility finished its €5bn Q3 funding programme on Wednesday with a €1bn tap of an October 2026 line in an auction. The European Investment Bank was also in the market on Thursday adding to a Climate Awareness Bond.

    • 30 Jul 2020
  • SSA secondary pricing update: KfW and World Bank trade tighter

    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, July 27. The source for secondary trading levels is ICE Data Services.

    • 28 Jul 2020
  • MTN investors looking for longer dated SSA paper

    Euro investors are sniffing around further out along the SSA curve, with Euratom returning after a two year absence to print a 10 year bond earmarked to fund power plant safety measures in Ukraine, while the Treasury Corp of Victoria tapped demand past the 30 year point.

    • 23 Jul 2020
  • KfW goes for size with first benchmark green bond of 2020

    KfW will lead the charge in the euro public sector bond market on Tuesday with a €3bn green bond that will match its biggest ever deal in the format. Eurofima and the State of Berlin are also preparing to bring bonds to the euro market.

    • 20 Jul 2020
  • MTNs expect summer lull in Europe while Asia charges on

    The MTN market expects a busy summer in Asia as investors look to make up for time lost to the coronavirus pandemic at the start of the year. In Europe, things are starting to slow down, however, there are signs that the credit market could open up over the coming weeks.

    • 20 Jul 2020
  • CDC plots Swiss return for second half of 2020

    Caisse des Dépôts et Consignations (CDC) is planning to return to the Swiss franc bond market in the latter half of 2020 after an 18-month absence to refinance an upcoming redemption. Elsewhere, the Canton of Geneva returned to the market for the third time this month as it marches towards a record year on the capital markets.

    • 16 Jul 2020
  • Canadians and Japanese find success with dollars across curve

    A trio of SSA borrowers hit the market for dollar paper this week, testing the waters across the curve and finding investors receptive. Although the top tier names are mostly well funded, demand is still hot for the extra yield offered by the second layer of SSA borrowers.

    • 16 Jul 2020
  • Alberta shows 10 year dollar demand abundant but issuers hesitant

    The Province of Alberta hit the market for a 10 year deal, raising $2bn and impressing onlookers with a solid order book. Its peer Quebec will follow up on Thursday with a five year. But despite Alberta's success, further supply at the tenor may be limited.

    • 15 Jul 2020
  • Germany’s public sector issuers lead from the front

    At the end of June GlobalCapital and DZ Bank brought together some of Germany’s leading public sector bond issuers to discuss the impact of the coronavirus pandemic on their capital markets activities. Four months after the crisis began to be felt in Germany, representatives of the country’s development banks and Länder have come through the initial panic and reaction stage and are now beginning to understand more fully the extent of the damage the disease has caused to the economy and just how much their day-to-day lives have changed.

    • 07 Jul 2020
  • Debut NRW.Bank social bond sparks 15 year flurry

    NRW.Bank’s inaugural social bond sparked a flurry of 15 year trades this week as a flattening French curve and the positive yields on offer helped spur on demand, with three issuers opting to follow the German agency’s successful trip to the maturity on Wednesday.

    • 02 Jul 2020