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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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A German region managed to raise €500m via a tap and a supranational is lining up a euro deal, despite the Greek debt crisis limiting benchmark opportunities in the currency. -
The depth of the dollar market for public sector borrowers was showcased by a trio of deals this week, as even those that aimed for tight pricing rather than size overshot volume targets.
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A pair of public sector borrowers were able to place larger than planned dollar benchmarks on Thursday.
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The Flemish Community of Belgium has hit the market with a quartet of private medium term notes — a rare appearance from a public sector borrower in the currency this week.
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The Mongolian sovereign has issued its debut dim sum bond — the first from a non-Chinese Asian sovereign — raking in Rmb1bn ($161.1m) from a three year offering. The move saw strong support from the issuer’s Chinese neighbours and ended up becoming the largest high yield issue in the offshore renminbi market so far this year.
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The Belgian city of Mechelen returned to the capital markets with a pair of private medium term notes, amid a flow of investor-driven MTNs from Belgian sub-sovereigns. And there is more to come, as issuers look to lock in cheap funding.
