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Primary market for public sector unlikely to see large transactions until after Easter, reckon bankers
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
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Public sector issuers “can do whatever they want” in a rampant dollar market, with investors ploughing into books despite deals pricing close to or flat to their curves. -
The European Financial Stability Facility has sent requests for proposals for a trade next week, as a pair of rare issuers on Wednesday placed deals flat to or through fair value in a euro market buoyed by Emmanuel Macron’s election as French president last weekend. Longer dated trades — of which the EFSF has sold several this year — also look to be back on the table for borrowers.
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Bpifrance Financement broke its size record on Tuesday, nipping back into capital markets ahead of several of its compatriots, according to a funding official at the issuer. The European Investment Bank (EIB) and NRW.Bank also made the most of the stable conditions, printing their own benchmarks.
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Three public sector borrowers hit screens in sterling this week, including a rare floating rate note from the Province of Ontario, which made use of the currency for the first time in six years.
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The Province of Ontario came to market for a rare sterling floater on Wednesday, sharing the UK currency market with a European Investment Bank deal.
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Several German public sector issuers defended new issue fees, despite a worsening service from investment banks, in a panel discussion at Euromoney’s Germany Conference in Berlin on Wednesday.
