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Taxonomy alignment grows, making EuGB label possible
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
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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. -
Finnish municipality, City of Turku made a rare appearance in the capital markets on Tuesday, printing its second bond issuance of the year. It funded at a cheaper level by avoiding fees it would usually pay to fund through Finnish government lender Municipality Finance.
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Luxembourg will launch its debut sukuk next week at the earliest, according to a banker on the deal. The issuer’s prospective five year transaction could be priced flat to or even through mid-swaps, but unlike the UK’s inaugural sukuk, Luxembourg is likely to have to offer a premium to its conventional curve, leads admitted.
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Seven German regions enjoyed super tight pricing versus swaps when clubbing together for a Joint Laender deal this week. The issuers priced a no-grow €1bn September 2024 on Wednesday morning at the tightest spread to Bunds for a Joint Laender deal in more than seven years — and the tightest ever spread over mid-swaps for a 10 year.
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Seven German regions priced a no-grow €1bn September 2024 on Wednesday morning. The issuer had to print at the long end of the curve to entice demand, according to the leads.
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Nederlandse Waterschapsbank is set to sell a $1.5bn three year benchmark at the tight end of initial price thoughts — a level through its curve, according to one of the leads. Finnvera priced a straight five year having revised its maturity from a January 2020 announced on Monday.
