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Market participants pray for no negative news overnight in hope of ‘pre-Easter wave of issuance’
Two day executions expose dollar issuers to market volatility
◆ Deal came after recent Ontario 10 year ◆ Ontario underperformed but still a key comp ◆ Some price sensitivity? No bother
◆ Another German issuer jumps into primary ◆ Orders rush in after pricing was fixed ◆ Does spread to KfW matter anymore?
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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. -
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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.
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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.
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The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, Export Development Canada was unable to move from price thoughts on a five year global.
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Swedish Export Credit Corporation on Wednesday priced what bankers away from the deal said was a “very strong trade”, as it printed in the same five year tenor that has brought success for SSAs over the last few weeks. But one borrower is set to attempt a tenor that has not been visited since late January.
