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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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A pair of issuers reopened the 10 year part of the dollar curve for sovereigns, supranationals and agencies this week, but despite both trades gaining plaudits there is still scepticism over whether a $2bn-plus sized deal is possible. -
JP Morgan has announced internal promotions in its rates trading business, following the retirement of Carl Norrey, who ran the firm’s SSA business, straddling origination and trading.
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The Autonomous Community of Castille and León sold on Wednesday its first bond in several years, eschewing the cheap funding available from its central government in favour of greater independence.
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Rentenbank joined the rush for dollars on Wednesday as Inter-American Development Bank and British Columbia set pricing on deals announced the previous day.
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KommuneKredit grabbed the first chance of the week to print five year dollars while other public sector issuers are set on 10 year deals.
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A Spanish region is set to bring its first syndication in 18 months, after mandating banks on Tuesday for a five year euro deal.
