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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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Sweden priced an oversubscribed $2.25bn three year on Wednesday while a German state attracted strong demand to its debut in the currency. -
Sweden has mandated banks to run a benchmark in dollars, taking advantage of a clear window of issuance in the currency this week because of holidays in Japan.
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Portugal is looking to take advantage of improving sentiment around Greece with a dual tap — but not every periphery issuer has been able to capitalise on events in Athens.
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Madrid has printed €10m of six year paper as Spanish investors line up for a piece of short term private debt from the regional government.
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The State of North-Rhine Westphalia hired banks on Monday to sell a dollar deal, during what SSA bankers expect to be a quiet week for issuance.
