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Issuer had already pre-funded in dollars earlier this year
◆ German state brings third deal of 2026 ◆ Investors appeared ‘insecure’, extra spread to KfW needed ◆ Minimal NIP paid, size target reached
Canadian province to maintain market-friendly funding approach and 'meet investors where they want us'
Busy and ‘euro-heavy’ week ahead but dollar pipeline also building with issuers set to bring forward bond plans
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Emmanuel Macron’s topping of the first round of the French presidential election last weekend drove the best euro funding conditions for months. Public sector borrowers duly piled into the primary market. With more political risk ahead, many are racing to be 75% done for the year by summer, writes Craig McGlashan. -
The dollar market has enjoyed yet another strong week, with one issuer breaking its size record and another pair matching their own. SSA bankers are readying themselves for a busy May in the currency. But despite issuers keen to push out the curve, it looks like 10 year benchmarks are off the table.
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The Province of Manitoba rounded off a week of record breaking deals with a dollar trade that matched its largest ever benchmark in the currency and helped it diversify away from its North American investor base.
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Elation in the euro markets after the first round of the French presidential election at the weekend continues to wash over the public sector bond markets, with the Province of Quebec selling its largest ever benchmark in the currency and Spain printing €5bn of inflation-linked paper.
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The European Financial Stability Facility on Tuesday priced a dual tranche deal that bankers are describing as possibly its greatest ever, laying to rest some of its other long dated trades this year that drew criticism. A pair of other issuers have also hit screens in a euro market enjoying what one syndicate head called “probably the best conditions we’ve seen in months”.
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Talks are set to begin in Spain to reform the financing mechanism for the country’s regions, which could lead some to their return to the primary bond market for the first time in years. But as with seemingly everything in bonds this year, politics could yet scupper the efforts, write Craig McGlashan and Victor Jimenez.
