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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 weaker than expected set of non-farm payroll data last week did little to deter issuers on Monday as a pair of borrowers awarded mandates. -
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Mendoza has joined Neuquén in the rush to become the first Argentine region to follow the sovereign’s recent $16.5bn bond market comeback and has mandated banks for a dollar bond.
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A flurry of public sector issuers have taken the market by surprise in a week many expected would see issuance sapped by a combination of international holidays.
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KommuneKredit and the State of North Rhine-Westphalia (Land NRW) joined NRW.Bank in lining euros deals on Tuesday in a week bankers had expected to be hobbled by holidays.
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The low interest rate environment is causing investors to look at longer and longer paper in search of yield. Issuers are seizing the chance for long funding with private placements.
