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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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Eurozone periphery yields are still to feel the full benefit of Europe’s imminent quantitative easing after Germany derailed a deal to extend Greece’s bail-out, writes Craig McGlashan. -
France’s plans to reshape its administrative map, cutting the number of regions almost in half, will improve and increase regions’ access to the capital markets, according to Moody’s.
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Regional issuers from Germany and Sweden had no problem finding demand for deals on Thursday, as a pair of issuers sold oversubscribed bonds.
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Madrid set the scene on Wednesday for other sub-sovereign borrowers to take advantage of an investor yield chase with a tightly priced near record sized deal.
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A pair of regional issuers mandated banks for euro deals in the 10 year part of the curve on Wednesday.
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Sub-sovereign credits mandated for deals this week in the absence of more familiar SSA customers. Next week could be busier in dollars and sterling.
