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Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
Huge order book allowed the issuer to increase size of five year dollar trade
Issuer had already pre-funded in dollars earlier this year
◆ German state brings third deal of 2026 ◆ Investors appeared ‘insecure’, extra spread to KfW needed ◆ Minimal NIP paid, size target reached
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A hungry euro market gorged on deals from France and the European Union on Tuesday, instilling confidence that a trio of trades on Wednesday’s menu will go well — despite two of them being in the same tenor. -
Bank Nederlandse Gemeenten, FMO, Japan Bank for International Cooperation and the Province of Quebec all hit screens on Monday for forthcoming dollar deals, with bankers remarking that the SSA market could be set for another hectic week.
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The volume of public sector MTN issuance plunged 39% year on year in 2016’s first quarter, according to a Dealogic report. Europe's yield environment is partly to blame for the drop, say market participants.
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The Joint Laender reached its 50th deal two months after it was forced to postpone a planned transaction, printing a €1.5bn seven year benchmark that proceeded smoothly this time round.
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The European Union proved that for the right issuers there is considerable demand at the 15 year point of the curve, with the Joint Länder planning a return to the market with a seven year benchmark for the first time since a mooted deal in February stalled.
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Bankers have questioned if the yields available in the euro market will prove sufficiently attractive to prospective investors as the start of the second quarter nears.
