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◆ New bond priced before state election, far-right AfD leads polls ◆ JLM orders help carry deal across finishing line ◆ 'Fair' pick-up over Bunds but KfW spread ‘relatively tight’
◆ 'More defensive' five year tenor works well ◆ Record non-German demand, central banks show hands ◆ Länder-KfW spread 'at a good place'
Month-end buying from investors in secondary market to determine backdrop for next wave of issuance
◆ First 10 year Länder bond post-summer ◆ Pricing was fair versus KfW ◆ More diversified book than before
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The Flemish Community has mandated banks to arrange the sale of new seven and 30 year bonds as the Belgian sub-sovereign looks to pump in cash to finance a budget deficit which has arisen from the coronavirus pandemic. -
A wide gamut of deals across asset classes filtered through the Swiss franc market this week. Gyrations in swaps allowed Crédit Agricole to come flat on euros on Thursday, while also giving investors a great deal on a long end Lausanne trade.
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Germany is set to announce extra fiscal stimulus next week, a portion of which will be dealt with at regional level. But one state treasury official does not believe it will affect his Land's borrowing programme.
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Alberta made its first foray into the Norwegian kroner market on Thursday — the same day that S&P placed the province’s credit outlook on negative.
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France impressed as it received a record €51bn order book and paid a small new issue premium with its first syndication since the outbreak of the Covid-19 pandemic. The sovereign was joined in the long end of the curve this week by two sub-sovereign borrowers as investor appetite for duration grows, with more supply expected to follow.
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The Belgian region of Wallonne took advantage of the growing demand in the long end of the curve to sell its first social bond on Thursday, although it had to pay a chunky new issue premium to do so. Elsewhere, Bpifrance received plenty of demand to print €1.25bn with a 10 year trade.
