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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 Province of British Columbia will dip into the Masala bond market for the first time with a January 2020 bond on Thursday. -
The State of North Rhine-Westphalia sold on Thursday the longest dated benchmark ever from a German state, in a move which may encourage other Laender to follow suit.
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Bank Nederlandse Gemeenten has tapped a June 2024 line, managing to print €400m despite offering a negative yield. Land NRW will sidestep the negative yield problem on Thursday by moving out the curve.
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The Province of Manitoba has printed ¥6bn ($59.3m) of 30 year paper, equalling the province’s longest ever note in the currency.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
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The Shanghai city government announced this week that it is exploring the possibilities of a free trade zone (FTZ) bond as part of China’s broader goal to provide more onshore renminbi products for international investors.
