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◆ German state executes intraday trade ◆ Tenor near ‘sweet spot’ on euro curve ◆ Fair value only ‘theoretical’ in current market
Recent deals showed that investor appetite for SSA credit remains
◆ 'Accelerated execution' due to market uncertainty ◆ Popular deal spotted close to fair value ◆ Momentum accounts 'less active'
Primary market for public sector unlikely to see large transactions until after Easter, reckon bankers
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With the year's end fast approaching, SSA issuers are jostling for space after a summer blighted by volatility. Investors are rewarding pragmatic borrowers with large order books but it seems there is little room for opportunism.
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Province of Quebec has printed the first euro benchmark from a Canadian SSA since Ontario pulled a deal earlier this month. Though subscribed, the €750m 10 year deal was not the blowout bankers were hoping for and is indicative of a tough market environment.
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Any fears that two pulled SSA euro syndications within the space of just over a week — the first from public sector borrowers this year — signalled a lack of demand were put to rest this week.
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Senior SSA bankers are fretting that situations such as this week's clash between two Dutch agencies, which drove one of the pair to pull its deal, could become unavoidable, writes Craig McGlashan. -
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Euros proved the currency of choice for SSA borrowers on Monday with two new issues, two taps and a mandate in the market across a range of maturities.
