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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 Treasury Corp of Victoria has mandated National Australia Bank to lead an Australian dollar green bond. -
The SSA market got back to business swiftly, if somewhat cautiously, this week, with taps and private placements (PPs) across core currencies coming quickly after the UK’s vote to leave the European Union. Although none of the trades were especially ambitious, their success has set a positive tone for the weeks to come.
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The SSA market is bouncing back from the Brexit shock more strongly than many bankers anticipated, as the State of Hessen picked up more than triple its minimum €250m target in the first trade to hit screens since the UK vote.
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In an encouraging move for European markets after the volatility induced by the UK's vote to leave the EU last week, the German State of Hessen has dipped its toes back into the public market, tapping a July 2026 line for €875m.
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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.
