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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 Spanish Autonomous Community of País Vasco may issue its first public bond in over five years in 2015. -
The States of Guernsey has entered the bond market for the first time, having been tempted to bring a deal by ultra low Gilt yields.
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The States of Guernsey entered the bond market for the first time on Friday, having been tempted to bring a deal by ultra low Gilt yields.
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Sterling investors worried about a drop in Gilt supply from the United Kingdom this financial year after Wednesday’s autumn statement received some good news on Thursday, as a new issuer mandated banks on Thursday for a debut bond.
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A pair of German states jumped into the euro market at the start of the week, grabbing the opportunity to source cheap funding as speculation that the European Central Bank could start buying government bonds pushed Bund yields to record lows. But despite the luscious funding conditions, bankers are struggling to find supply.
