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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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The Federal State of Saxony-Anhalt has sold its third ever sterling private MTN and is looking to print nearly half of its 2015 funding target through private placements, in any liquid currencies it can find. -
The runaway winners in this week’s selection of deals in secondaries were those from the eurozone periphery — especially at the far end of the curve — after the announcement of ECB sovereign quantitative easing on Thursday led to plunging yields.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
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Lesser rated corporates and emerging market names could be the biggest primary market beneficiaries of the Swiss National Bank’s shock decision to dump its exchange rate ceiling and cut interest rates on Thursday, writes Lucy Fitzgeorge Parker.
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The European Financial Stability Facility has opted for an unusual maturity with its first benchmark of the year — set to be priced on Tuesday — in an effort to attract bank treasury accounts. The EFSF follows a 10 year euro benchmark from the Province of Ontario on Monday.
