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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 response to some of this week’s dollar deals has got some bankers believing that next week’s US Federal Reserve meeting might not prove to be the market shutting millstone that it had promised to be just a few weeks ago. -
The European Central Bank's asset purchase programme allowed some issuers to grab cheap funding this week but uncertainty surrounding the freshly launched corporate programme was less helpful for one French issuer.
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Île-de-France was able to tighten pricing on a green bond by 5bp from initial thoughts while still overshooting its target size this week. Bankers away from the deal said it was more a sign of the maturity of the green bond market than about any one issuer or bond.
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A pair of public sector borrowers are lining up to sell dollar floating rate notes on Thursday, following a series of floating and fixed rate deals in the currency on Wednesday.
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Île-de-France was able to tighten pricing by 5bp from initial price thoughts for its fourth foray into the green bond market and still managed to increase the deal from its initial target size.
