Sub-Sovereigns - All Articles

  • CFB busy in MTNs after seven months away

    Communauté Française de Belgique returned in mid-August after a seventh month absence to print a slew of deals for a combined €404m, according to Dealogic.

    • 27 Aug 2020
  • Land NRW and NWB kick open euro long end with small NIPs

    The State of North Rhine-Westphalia and Nederlandse Waterschapsbank rebooted the long of the euro SSA curve on Wednesday with well subscribed deals and minimal new issue premiums.

    • 26 Aug 2020
  • Land NRW and NWB to test post-summer waters at euro long end

    The State of North Rhine-Westphalia and Nederlandse Waterschapsbank will be the first two public sector borrowers to test investors’ appetite for euro deals in the long end of the curve following the summer break.

    • 25 Aug 2020
  • Baden-Wuerttemberg sells only 50% of aggressively priced deal

    The State of Baden-Wuerttemberg only managed to sell around half of its €1bn 10 year bond to investors on Tuesday as it came flat or slightly through its curve alongside competing supply in the tenor.

    • 25 Aug 2020
  • UK MBA prints £250m of ultra-long cash for Lancashire

    The UK Municipal Bonds Agency has enjoyed a successful sophomore effort in the bond market, printing £250m of 40 year paper for Lancashire County Council.

    • 20 Aug 2020
  • Abundance sets up new UK council funding line

    Abundance Investment, the UK retail investment platform, is introducing a new way for local governments to crowdfund environmental projects. The councils of West Berkshire, Warrington and Leeds are set to be the first to make use of the scheme.

    • 19 Aug 2020
  • UK MBA returns with second Lancashire bond

    The UK Municipal Bonds Agency is in the market with a £250m no-grow 40 year bond on behalf of Lancashire County Council. Initial price thoughts indicate the yield will be substantially below the rate charged by the government's Public Works Loans Board — the usual source of finance for councils.

    • 19 Aug 2020
  • UK MBA eyeing green bond market after ultra-long return

    The UK Municipal Bonds Agency (MBA) has picked banks for its second trip to market, eyeing the ultra-long end and once again raising cash on behalf of Lancashire County Council. Although the bond will be in conventional format, the MBA is looking to issue green bonds in the future.

    • 13 Aug 2020
  • German states take centre stage in SSA primary

    A pair of German sub-sovereigns had the primary public sector bond market to themselves this week, with each taking €500m at tight levels to their secondary curves.

    • 06 Aug 2020
  • Lower Saxony offers small NIP for negative yielding 10 year

    The State of Lower Saxony was the sole borrower active in the primary public sector bond market on Thursday as it raised €500m with a 10 year at a negative yield. The deal ended up comfortably subscribed in spite of a slow start to the book-build.

    • 06 Aug 2020
  • Lower Saxony to keep SSA primary open

    The State of Lower Saxony mandated banks on Wednesday to run a 10 year euro benchmark on Thursday, as German states remain the only action in the public sector primary market.

    • 05 Aug 2020
  • Brandenburg prices through curve with new 20 year

    The State of Brandenburg got over the line with a fully subscribed order book and a yield inside its curve on Tuesday, successfully avoiding the fate that its compatriot Berlin met at the tenor last week.

    • 04 Aug 2020
  • Brandenburg hopes to avoid Berlin's fate with 20 year bond

    The State of Brandenburg will keep the primary euro public sector bond market ticking on Tuesday after mandating banks for a new 20 year bond for which it hopes to achieve a better outcome than Berlin's deal at the tenor last week.

    • 03 Aug 2020