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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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The Canton of Aargau launched a dual tranche deal on Thursday, its first bond since 2010, with one leg carrying a negative yield. -
The versatility of equity-linked debt in today’s hot market was in evidence again on Monday, when the City of Turin used the product for the first time to raise €150m of five year debt against its stake in Iren, the Italian multi-utility group.
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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.
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The Republic of France may not be alone among public sector borrowers in throwing off the shackles of the European Union’s Stability and Growth Pact next year, as Europe faces the threat of terrorism and financial demands of supporting migrants fleeing war in the Middle East, according to a head of public sector DCM.
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Swiss franc issues from international borrowers have declined drastically in the last two weeks as the Swiss franc basis swap has moved more deeply negative, Swiss franc syndicate bankers told GlobalCapital on Tuesday.
