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◆ No book update for €500m no-grow deal ◆ Surprising lack of demand for defensive trade ◆ Investors continue to cherry pick in big week for supply
◆ Spread to Land Hessen key to pricing ◆ Leads thought long and hard on whether to tighten ◆ 1bp move the right amount as book grew
◆ Three German states brought a new Joint Länder bond ◆ No book update, KfW curve guides pricing ◆ Flemish Community prints new 15 year
Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
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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. -
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.
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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.
