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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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Queensland Treasury Corp ran a prototype bond auction on Commonwealth Bank of Australia’s blockchain platform, the bank said on Tuesday. QTC generated a bond tender, viewed investor bids in real time, finalised investment allocation and settled the dummy issue instantly — although it was on both sides of the deal, as sole issuer and investor. -
Public sector borrowers are staying focused on the belly of the dollar curve, with a pair of issuers lined up for Wednesday. Demand at that part of the curve shows no sign of letting up, with two issuers out in fives on Tuesday — one of which was able to increase the size of its issue from its initial target.
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The Spanish sovereign launched a €9bn 10 year on Tuesday, bringing the largest eurozone sovereign syndication so far this year.
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The Nordic Investment Bank and Province of Quebec are set to hit the five year part of the dollar curve on Tuesday, a trade that has returned some bumper deals for public sector borrowers so far in 2017.
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The pipeline for euro issuance is filling up once again as the European Investment Bank looks to raise funds at 10 years, although a deal from KfW on Tuesday appeared to struggle to reach €1bn.
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The Autonomous Community of Madrid has hit the long end of the curve with a 20 year private placement for its first deal of 2017.
