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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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Read on to see how selected benchmarks are faring in secondary. 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. -
Italian SSAs drew a mixed bag this week, as one sub-sovereign outlined plans for a long dated deal, while the Italian government’s borrowing costs rose in a series of auctions except a sale of 10 year debt — which only the vagaries of the repo market kept in check.
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As the Canadian financial sector and provinces strive to create a North American renminbi hub within the sovereign’s borders, SSA issuers from the country have shown their support for the currency by returning to the dim sum market with a bang.
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The Province of Trento's funding arm is set to bring a 20 year medium term note to market in the coming weeks, following a €150m deal from earlier in the month.
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The Province of British Columbia (BC) priced its second offshore renminbi bond at 2.85% late on October 28. BC’s familiar name, the deal’s SEC registration and current strong RMB internationalisation momentum helped the deal attract a good showing from investors in the Americas. Also notable was a big jump in European participation from BC's debut RMB bond last year.
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British Columbia raised Rmb3bn ($490.7m) with its second ever dim sum bond on Tuesday.
