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As the Middle East war shakes bond markets, non-sovereign public sector issuers are proving their safe haven status
◆ German state executes intraday trade ◆ Tenor near ‘sweet spot’ on euro curve ◆ Fair value only ‘theoretical’ in current market
Recent deals showed that investor appetite for SSA credit remains
◆ 'Accelerated execution' due to market uncertainty ◆ Popular deal spotted close to fair value ◆ Momentum accounts 'less active'
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Primary market for public sector unlikely to see large transactions until after Easter, reckon bankers -
Market participants pray for no negative news overnight in hope of ‘pre-Easter wave of issuance’
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Two day executions expose dollar issuers to market volatility
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◆ Deal came after recent Ontario 10 year ◆ Ontario underperformed but still a key comp ◆ Some price sensitivity? No bother
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◆ Another German issuer jumps into primary ◆ Orders rush in after pricing was fixed ◆ Does spread to KfW matter anymore?
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◆ Aussie issuer returns after 2025 debut ◆ Asset managers like scarce international Australian risk ◆ Canadian names used to find fair value
