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Sub-sovereigns

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◆ State’s pre-summer deal attracts €2bn book ◆ Maybe only one more deal to come on reduced needs ◆ 2bp NIP to start as issuer tries to ‘be fair to the market’
◆ Canadian province tests post-Starmer sterling ◆ Five year choice keeps the buyers ◆ New issue concession estimated
SSA
Nine banks chosen to run £1.5bn borrowing programme
◆ Too sensitive to push spread ◆ Value against peers estimated ◆ 'Tight, but no surprise'
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  • Korea Western Power Co (Kowepo), the power supplier owned by state-backed Korea Electric Power Corp, sold $300m of three year notes on Monday, riding on strong demand from sovereign wealth funds and central banks.
  • SSA
    A trio of issuers burst into the sovereign, supranational and agency dollar market on Monday, as syndicate officials say they have been pleasantly surprised by how quickly the sector bounced back after a tricky period.
  • India’s plan to sell foreign currency bonds for the first time has prompted eager speculation among debt bankers in Asia. While bankers disagree over when the deal will launch and exactly what fair value will be, many expect the deal to come with a razor-thin spread. Silas Brown reports.
  • The Federal State of Berlin chopped 2bp off the spread offered for its €500m 2039 bond during execution on Wednesday, as SSA investors remain hungry for long duration debt.
  • The autonomous region of Azores mandated two banks on Thursday for its first visit to the debt capital markets since 2016 and what could be its largest ever bond.
  • SSA
    Austrian agency Asfinag won a big order book on Tuesday, allowing it to price 3bp tighter than guidance, in a 10 year tenor the issuer hasn't accessed since 2009. Municipality Finance and the German federal state of Lower Saxony will add to the euro SSA supply on Wednesday with a 10 year green bond and a seven year benchmark, respectively.