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Sub-sovereigns

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SSA
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
SSA
Issuance recovers from last week’s wobble but concerns linger after issuers like KfW widen
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  • SSA
    KfW showed that pricing through mid-swaps is no obstacle at the start of 2015, as on Thursday it built a comfortably oversubscribed book on the first euro deal to come through swaps this year. The issuer plumped for a 10 year deal — an option also taken by Province of Quebec on Thursday and a tenor that many SSA officials think the European Financial Stability Facility will take next week.
  • SSA
    Having expected to hold off for a week or two, some sovereign, supranational and agency borrowers are rethinking their plans and contemplating the possibility of bringing forward euro issuance plans to this week.
  • China’s Ningxia Hui Autonomous Region (Ningxia) is looking for new funding channels in 2015 and could opt for sukuk and/or conventional offshore dollar bonds for total funding of $1.5bn. A sukuk deal would make Ningxia the first ever Chinese issuer of sukuk, and tapping the offshore market would make it the first Chinese sub-sovereign issuer to tap overseas markets without using a subsidiary company as the issuing vehicle.
  • SSA
    Deutsche Bank looks set to finish second in the 2014 league table for bookrunners of global supranational, sovereign and agency bonds, excluding US agencies. Deutsche has been top every year since 2010.
  • SSA
    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.
  • A pair of Spanish regions plan to print euro syndications at the belly to long end of the curve in 2015 — for one region a deal will be its first in over five years.