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Portugal and KfW lead euro supply with five year as dollar market focuses on second AfDB hybrid
◆ 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
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The extraordinary sight of a German public sector borrower pulling a syndication mid-week led not only led to criticism of the deal’s execution but also reawakened fears over banks' diminishing ability to take down and warehouse sovereign and sub-sovereign bonds. Craig McGlashan reports. -
Crude oil is Canada’s second largest export and its price collapse is forcing debt issuers to reconsider their plans, continuing a process they began last year.
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The rare sight of a pulled German bond issue rocked the SSA market Wednesday afternoon. The issuer blamed market conditions but there were rumblings that this was a failure of process, not context.
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Stockholm County Council has selected four banks for a green bond roadshow, beginning on February 8, with a view to selling a euro green bond.
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The Province of Ontario has sold privately placed debt in euros for the first time, grabbing duration and attractive pricing with the trade, according to the issuer.
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Catalonia’s new pro-independence government wants to negotiate with Madrid on the basis that it will take on 11% of the Spanish national debt, GlobalCapital can reveal. That would raise Spain’s debt-to-GDP ratio at a stroke from 99% to 111%, write Victor Jimenez and Craig McGlashan.
