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Finnish and German municipalities have changed their approach to funding this year. Finnish municipalities are mulling private placements, while their German peers are moving away from the bond markets.
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Land Saxony-Anhalt could follow Land Nordrhein-Westfalen’s lead and print more private placements in niche currencies this year, according to MTN bankers. Land NRW sold the first Brazilian real deal from a German sub-sovereign this week.
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Cassa Depositi e Prestiti (CDP) is planning to raise up to half of its 2014 funding requirement through commercial paper, GlobalCapital understands, having set up its debut programme earlier this month.
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Bank Nederlandse Gemeenten is considering selling more private placements in Japanese yen this year after selling its longest ever note in the currency on Wednesday. The borrower won’t be short of demand for longer dated notes as Japanese investors are looking beyond their home market, according to MTN bankers.
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Auckland Council is eyeing the European private placement market as it plans to increase its offshore issuance in its next fiscal year, a funding official told GlobalCapital.
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Municipality Finance plans to become a frequent issuer of 144A bonds in public and private formats and is set to add the appropriate language to its EMTN programme in May.
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Belgium's regions and municipalities are set to have an increased presence in the private placement market this year as several new borrowers are expected to debut.
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Supranationals and agencies are taking advantage of Japanese investors eager to kick start their fiscal year, which began on April 1, by printing large Uridashi and medium term notes. SSA bankers are urging borrowers to place as many deals as they can before competition from higher yielding classes of issuer increases.
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French regions will sell a spate of private placements in the coming weeks despite a sluggish start to the year, according to medium term note dealers. Bankers expect the borrowers to print larger and longer notes than last year.
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A failed attempt by a US hedge fund to force a default event on a pair of outstanding Eksportfinans Samurai bonds is likely to be an isolated incident, with most investors happy with their holdings of the agency and some still even trading the credit, bankers said this week.
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German pension funds have joined Japanese investors hunting for long dated paper from sub-sovereigns, according to medium term note dealers. They are finding super long paper from French regions, but supply is limited and German regions are beginning to tap the demand by pushing further out along the curve.
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Propertize will look to commercial paper to complete its 2014 funding, GlobalCapital understands. The borrower has sold €750m in the market so far, but will find stronger demand at the beginning of April, according to MTN dealers.