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◆ New issue premium estimated ◆ Partial pre-funding ◆ Baden-Wuerttemberg 'through fair value'
◆ Attractive pick-up to KfW and other peers ◆ Atypical tenor no trouble ◆ SSA appetite strong
Pan-European stock exchange shares what was behind its recent decision to launch a defence bond label, how it may help both issuers and investors, and what lies ahead
◆ 'Amazing,' says rival banker ◆ Lack of 10 year issuance helped ◆ Pipeline for next two weeks 'looking good'
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A pair of French sub-sovereigns have printed medium term notes over the past week and more are expected to follow as they approve their budgets for 2015. Despite the upcoming capital markets debut from France’s answer to Municipality Finance, Agence France Locale, issuance from France’s local authorities is set to continue and even grow, according to MTN bankers. -
A new UK municipal bond agency’s plans to reduce its members’ cost of funding versus Gilts will hang on its credit rating spread to the UK government, SSA bankers said on Monday. A new UK sub-sovereign issuer — the Scottish government — is likely to attain pricing similar to the new agency, said bankers. Elsewhere in sterling, Bank Nederlandse Gemeenten tapped its December 2018s for £50m.
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Eurozone sovereign issuers lined up to take advantage of the quantitative easing driven flattening of the euro curve on Monday, as one country the periphery mandated banks for a 30 year benchmark and another set most of its target range for an auction later this week at the long end of the curve.
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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.
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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.
