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First Canadian province to visit euros in 2026
◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established
German sovereign goes for conventional over green as smaller peers join a crowded Tuesday
Primary market shows strength but pockets of weakness a reminder that ‘1bp could make all the difference’
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The Australian state of New South Wales priced a landmark debut offshore renminbi bond late in the evening Sydney time on Wednesday, riding the momentum from this week's establishment of an Australian RMB hub to shave 10bp off initial guidance and hitting its target size and funding cost. -
The Australian state of New South Wales (NSW) has made good its intention of being the first Australian government entity to issue an offshore renminbi bond, with the NSW Treasury Corporation (TCorp) announcing on Tuesday that it had mandated banks for its debut issue and then launching the deal on Wednesday. The borrower is only the third non-China government entity to sell an RMB bond.
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Its recent return to the offshore renminbi bond market and its new status as Canada's hub for RMB trade settlement have seen the Province of British Columbia (BC) reinforce its commitment to China and its support for the RMB as a global currency, Michael de Jong, BC’s Minister of Finance, has told GlobalRMB during a visit to Hong Kong.
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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.
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Cassa del Trentino showed one of the big advantages of an MTN programme when it nipped in to take advantage of a one day rally in Italian government bonds and save precious basis points on its funding costs.
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The European Financial Stability Facility is likely to be one of the few issuers to test demand in euros next week, having sent out requests for proposals for a benchmark on Wednesday. Other issuers with euro needs are more likely to indulge in arbitrage plays next week, said SSA bankers, although a pair of borrowers printed small euro benchmarks on Wednesday.
