Nederlandse Waterschapsbank
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The European Investment Bank and the Federal State of Berlin announced on Monday their intention to print in euros in a week in which the European Central Bank is expected to make a decision regarding interest rates. -
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A series of oversubscribed deals among core issuers could encourage Austria to seek a print in the current market.
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The European Financial Stability Facility and Nederlandse Waterschapsbank on Tuesday brought euro benchmarks in five and seven year maturities. Now much more at those tenors is expected.
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A bevvy of public sector borrowers are lining up euro deals for Tuesday and beyond — but some are opting to hold back price thoughts amid a cluttered and volatile backdrop.
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The belly of the curve was the place to be this week for public sector borrowers in euros — but any other benchmarks before the end of the year are likely to be further out the maturity curve.
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With the year's end fast approaching, SSA issuers are jostling for space after a summer blighted by volatility. Investors are rewarding pragmatic borrowers with large order books but it seems there is little room for opportunism.
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Nederlandse Waterschapsbank bounced back from a pulled deal last week to print its largest trade in any currency to date on Tuesday, as a Canadian province mandated for a euro deal.
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Senior SSA bankers are fretting that situations such as this week's clash between two Dutch agencies, which drove one of the pair to pull its deal, could become unavoidable, writes Craig McGlashan.
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A trio of public sector borrowers ventured beyond the 10 year part of the euro curve on Wednesday — but only two were able to return with cash after one Dutch agency appeared to steal another's thunder.
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Size is still coming at a price for SSA borrowers, with European Investment Bank paying a slightly elevated new issue premium for a $4bn five year on Tuesday. Despite this, bankers said a second trade from Erste Abwicklungsanstalt confirmed the market is in robust health.
