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◆ German state executes intraday trade ◆ Tenor near ‘sweet spot’ on euro curve ◆ Fair value only ‘theoretical’ in current market
Recent deals showed that investor appetite for SSA credit remains
◆ 'Accelerated execution' due to market uncertainty ◆ Popular deal spotted close to fair value ◆ Momentum accounts 'less active'
Primary market for public sector unlikely to see large transactions until after Easter, reckon bankers
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There were potential signs of contagion to the rest of the eurozone periphery from the protracted discussions between Greece and its creditors this week. -
North Rhine-Westphalia is set to become the first German state and one of a handful of European sub-sovereign borrowers to enter the green bond market, after mandating banks on Wednesday to roadshow for its inaugural deal in the format.
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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.
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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.
