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◆ Tightest 10 year Länder bond this year ◆ Big book leads to 4bp spread move ◆ Deal still three times covered, green element was key
◆ One deal was judged ‘relatively tight’... ◆ And the other ‘definitely cheap’... ◆ ... though fair value tough to spot
Issuance recovers from last week’s wobble but concerns linger after issuers like KfW widen
◆ Sovereign rides post-EU momentum, beats size target ◆ Deal priced flat to fair value ◆ Thuringia oversubscribed but Länder books shrink
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The Nordic Investment Bank and Province of Quebec are set to hit the five year part of the dollar curve on Tuesday, a trade that has returned some bumper deals for public sector borrowers so far in 2017. -
The pipeline for euro issuance is filling up once again as the European Investment Bank looks to raise funds at 10 years, although a deal from KfW on Tuesday appeared to struggle to reach €1bn.
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The Autonomous Community of Madrid has hit the long end of the curve with a 20 year private placement for its first deal of 2017.
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Auckland Council on Thursday pulled off a 7bp tightening for its first ever public deal in euros. The trade was joined in the market by paper from the City of Hamburg and Bpifrance Financement.
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For public sector bond issuers, 2017 will be a year to hunt down arbitrage plays. Political uncertaintly looks set to rock core currency markets, leaving non-core markets to offer useful funding havens, writes Silas Brown.
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The Shanghai Municipal government priced the first free trade zone (FTZ) bond on Thursday, marking the launch of a third bond market in China.
