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Issuer had already pre-funded in dollars earlier this year
◆ German state brings third deal of 2026 ◆ Investors appeared ‘insecure’, extra spread to KfW needed ◆ Minimal NIP paid, size target reached
Canadian province to maintain market-friendly funding approach and 'meet investors where they want us'
Busy and ‘euro-heavy’ week ahead but dollar pipeline also building with issuers set to bring forward bond plans
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The theme in the euro public sector market this week was large book sizes despite issuers paying very little concession, with Finland, the European Investment Bank (EIB), Madrid and the Joint Länder all keeping close to their curves. -
Several Spanish regions are expected to return to bond markets this year, having been locked out since the eurozone sovereign debt crisis. GlobalCapital understands that the Spanish government has approved a request for new debt to be issued by the Balearic Islands — a region that has not sold a bond since 2012. More approvals could follow in the next few weeks. Burhan Khadbai reports.
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Italy passed a test at the long end of the curve with a final order book of over €41bn for a 30 year syndication on Wednesday — far surpassing its previous record book that was set only last month.
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GlobalCapital understands that the Spanish government has approved requests from the Balearic Islands and Castile and Leon to issue new debt. More approvals could follow “in the next few weeks” for the Basque Country and Galicia, according to a DCM banker based in Madrid.
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All three public sector borrowers in the euro market on Tuesday received record order books, despite the spreads tightening by up to 5bp during pricing — which left little to no concessions for investors.
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Finland and Madrid hit screens on Monday to capitalise on the red hot appetite for euro sovereign supply in the 10 year part of the curve.
