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Sub-sovereigns

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◆ No book update for €500m no-grow deal ◆ Surprising lack of demand for defensive trade ◆ Investors continue to cherry pick in big week for supply
◆ Spread to Land Hessen key to pricing ◆ Leads thought long and hard on whether to tighten ◆ 1bp move the right amount as book grew
◆ Three German states brought a new Joint Länder bond ◆ No book update, KfW curve guides pricing ◆ Flemish Community prints new 15 year
Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
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  • SSA
    Volatility and changing demand have forced issuers to change their style of issuance in the Kangaroo market, printing smaller deals to demand rather than benchmarks. But the market has not stopped providing valuable opportunities for duration and arbitrage. By Lewis McLellan.
  • SSA
    The mood across most of investment banking in the current climate is gloomy, but among primary dealerships it is especially miserable. Owen Sanderson looks at a model under pressure.
  • SSA
    The world of private placements is developing and SSA issuers are having to adapt to the new conditions to continue to find funds outside the public markets. Lewis McLellan reports.
  • The Province of Manitoba sold a 10 year dollar bond on Tuesday, taking advantage of a good window despite the impending Fed rates decision on Wednesday.
  • The 10 year Bund yield came within a whisker of negative territory this week. While that may be seen as the complete breakdown of everything you ever thought you knew about bonds, for one closely related branch of issuers it represents a golden age.
  • Federal State of Hessen