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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
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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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. -
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.
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Several public sector borrowers tapped the socially responsible investment (SRI) market this week, with more deals expected in February, before what many analysts expect will be a record year for the asset class.
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Nederlandse Waterschapsbank was over three times covered for a 10 year affordable housing bond on Wednesday, allowing it to tighten multiple times during pricing to leave no concession, according to on-looking bankers. Meanwhile, the State of North Rhine-Westphalia has appointed banks to arrange a roadshow in Europe and Asia for a long dated euro sustainability bond.
