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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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The Province of Manitoba added to a glut of Kangaroo trades on Thursday, hitting the far end of the curve with a long 10 year print. The deal appealed to investors despite coming on the heels of the year’s largest long dated print in the currency.
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The Province of Manitoba is looking to make a rare appearance in the Kangaroo market on Thursday, responding to demand from Japanese investors for long dated paper in an effort to diversify its investor base.
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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. -
Public sector issuers shrugged off the quiet dollar and euro markets to take advantage of other currency opportunities this week — and there are signs that more deals could follow in the summer.
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The Province of Ontario sold its first new issue Kangaroo bond in four years on Wednesday. It plans to follow it up with a green bond debut and a dollar benchmark later this year.
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The State of Lower Saxony priced a €500m eight year through swaps on Monday. Other Laender are likely to follow as they look to pick up funding at attractive levels through small syndications and taps over the summer, according to a DCM banker based in Germany.
