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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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Markets reacted with disappointment and sold off sharply following the European Central Bank’s meeting on Thursday, as Mario Draghi failed to deliver the stimulus many investors were expecting. -
The Province of British Columbia (BC) has mandated Bank of China and HSBC as joint leads for its debut Panda bond, Mike de Jong, BC’s Minister of Finance, told GlobalRMB. The deal is expected to launch in January and will be the first Panda from a sovereign credit.
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The European Central Bank’s Thursday meeting has been the subject of much speculation in the SSA market and on the eve of the critical day, more SSA bankers are concentrating on that rather than deals it seems.
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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.
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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.
