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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 euro market for public sector borrowers repoened on Tuesday as a pair of issuers took advantage of calmer conditions since the US election on November 8 to raise nearly €2bn in total — both paying small new issue premiums. -
Free trade zone (FTZ) bonds are finally about to emerge in China, with the Shanghai Municipal Finance Bureau releasing a set of guidelines on the underwriting process of the city’s upcoming transaction.
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Who will win the US presidential election on November 8 was far from clear this week. But it looks increasingly likely that a Donald Trump win could bring 2016's primary capital markets activity to an abrupt halt.
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A decision by the UK High Court on Thursday that the country’s parliament must vote to start the process of leaving the European Union could lead to market volatility in the weeks ahead, issuers and bankers have warned. The decision came during an eventful week for the UK, which also included a Bank of England Monetary Policy Committee meeting, a warning from Moody’s over single market access and a debut issue from Aberdeen City Council.
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Aberdeen City Council was able to raise £370m on Tuesday with a bond issue that was the first ever from a sub-sovereign Scottish borrower.
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The Province of New Brunswick on Friday broke Canadian sub-sovereigns' silence in the Swiss market, printing well above its minimum size target despite choppy conditions.
