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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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Hungarian Development Bank (MFB) printed on Tuesday a €300m 2.375% six year bond, in line with price guidance released earlier that day, bringing a fresh euro benchmark to the country. -
The Hungarian Development Bank has mandated three banks for a global investor call in the hope of drumming up enough demand to print a euro-denominated Reg S bond.
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A Canadian province braved the five year spot in dollars on Friday. A healthy spread over US Treasuries prompted strong demand despite negative five year swap spreads, which has caused other issuers to avoid this part of the curve.
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The Canton of Aargau launched a dual tranche deal on Thursday, its first bond since 2010, with one leg carrying a negative yield.
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The versatility of equity-linked debt in today’s hot market was in evidence again on Monday, when the City of Turin used the product for the first time to raise €150m of five year debt against its stake in Iren, the Italian multi-utility group.
