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◆ No book update for €500m no-grow deal ◆ Surprising lack of demand for defensive trade ◆ Investors continue to cherry pick in big week for supply
◆ Spread to Land Hessen key to pricing ◆ Leads thought long and hard on whether to tighten ◆ 1bp move the right amount as book grew
◆ Three German states brought a new Joint Länder bond ◆ No book update, KfW curve guides pricing ◆ Flemish Community prints new 15 year
Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
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The narrowing windows for public sector borrowers to clamber into were again in evidence this week, with several similar deals hitting the market at the same time. But unlike last week, every deal this week reached the pricing stage, write Jonathan Breen and Lewis McLellan. -
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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