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Provincial issuer grabs one of the biggest order books among the Canadians this year
Promise of arbitrage draws foreign borrowers to Swiss franc market
Rates, asset-swap and treasury buyers drawn to sub-sovereign paper
Dollar SSA issuance to build, though euros offering tighter pricing for many
SSA issuers jump into first available window after several central bank rates decisions
New March 2034 landed flat to the issuer’s domestic curve
Deal was oversubscribed with €110m of lead manager orders
Latest Primary Market Monitor data examines issuance trends in February and March
SSAs vie EU for attention as more issuance expected from Flemish Community
European sovereign tests inflation-linked market as EU brings a new green bond
German sub-sovereign again proves that it 'owns the long end' in euros
New sale landed with a limited new issue concession, bankers said
SSAs look increasingly expensive versus government benchmarks, raising the question of when investors will stop buying
Sub-sovereign continues to chip away at its €9.6bn annual programme
German sub-sovereign brings new deal as investors distracted by busy FIG market
Well-funded SSA issuers take their time, but weak secondary performance worries bankers
Germany SSA repricing needed but will Länder have to cheapen, or does KfW have room to tighten — and when?
The German state needs to raise 20% more than initially planned
Latest deal came 1bp through fair value, according to the issuer
‘Difficult to argue against this trade’, said one lead
Issuer has done nearly €3bn of its €10bn programme and may return in March
The sector’s tight valuation versus the likes of KfW is capping demand
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Primary activity is set to ease into next week as Lunar New Year holidays take place
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Borrowers from both sides of the Atlantic make their second or third appearances this year
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French, German and Canadian issuers printed their first euro bonds of the year
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Buyers grapple with falling interest rates
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KfW announces ‘rather unusual’ euro dual trancher after revealing large programme last month
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The German state is eyeing two fixed rate benchmarks in the first half of next year