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Sub-sovereigns

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First Canadian province to visit euros in 2026
◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established
SSA
German sovereign goes for conventional over green as smaller peers join a crowded Tuesday
SSA
Primary market shows strength but pockets of weakness a reminder that ‘1bp could make all the difference’
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  • Two senior bankers have joined Deutsche Bank’s CEEMEA team, while Maryam Khosrowshahi is adding to her role with the new title of chairperson of supranational, sovereign and agencies origination.
  • SSA
    The most popular deal on BondMarker in February was a 20 year euro benchmark from the State of North Rhine-Westphalia. Voters lapped up long-dated efforts on BondMarker last month: no deal in the top five had a maturity shorter than 15 years.
  • The German State of North-Rhine Westphalia came to market this week with its fourth sustainability bond. The bond is the issuer’s largest ever, narrowly outstripping several €2bn bonds at €2.025bn.
  • Rating: Aa1/AA-/AAA
  • SSA
    The UK Municipal Bonds Agency this week took a step towards issuing its first bond after Moody’s granted the institution its first ever rating. The move came as a US asset manager and consultancy firm opened a UK branch with the specific aim of bringing more UK local authorities to the bond market.
  • SSA
    The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first in that maturity from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, five years was very much in vogue in the dollar market — although there were some signs of investor fatigue by the end of the week, despite more issuers being expected to look at the tenor next week.