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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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Spreads between UK public sector borrowers’ creditworthiness could widen if proposals on further devolution in the country take effect, according to Moody’s Public Sector Europe.
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State of North Rhine-Westphalia is open to printing private placements linked to the euro constant maturity swap rate, having seen an increase in demand for the structure over the past month. -
The Gabonese Republic has picked banks for a dollar benchmark deal and starts a roadshow on Thursday.
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There can be little doubt that, with decentralisation becoming a bigger theme in Europe, the SSA market will be welcoming ever more sub-sovereign issuers — or agencies that offer economies of scale to clusters of local authorities, such as the UK Municipal Bonds Agency or Agence France Locale.
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The Finnish City of Vaasa has made its capital markets debut with a private medium term note, as growing demand from European bank treasuries lures more municipalities from Finland to the market.
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The growing presence of European sub-sovereign issuers in the capital markets has led to the creation of a new rating agency dedicated to the sector.
