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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 Province of Ontario on Wednesday became the second Canadian issuer to print a 10 year dollar benchmark this month, adding to a recovery in issuance at that part of the curve. -
Bank Gospodarstwa Krajowego (BGK), Poland's state development bank, has mandated three banks for its debut euro bond — a deal that has been expected since 2014.
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An increase in swap spreads at the short end of the curve drove public sector issuers to focus their attention on shorter maturities in the dollar market this week.
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The Province of Ontario is to hit the dollar market on Wednesday with a 10 year benchmark while the Asian Development Bank (ADB) and Oesterreichische Kontrollbank printed deals on Tuesday, as bankers noted the popularity of dual tranche deals in the currency.
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Eurofima was the sole issuer testing the euro waters on Monday, with bankers expecting a quiet second half of the month in the market after a frantic start to April in which issuers placed 12 benchmark deals.
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