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◆ ‘Very rare’ large book for a German sub-sovereign ◆ ‘New year, new levels’ in price discovery ◆ Tuesday’s focus on dollars, but ‘big’ euro mandates expected Wednesday
German issuer expected to seize 2026's first window for fourth year in a row
‘Exciting’ cross-market relative value opportunity on offer as issuers aspire to become regular euro visitors
Semi-government issuer intends to build curve after ‘landmark’ first trade in market that offers both duration and diversification
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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.
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Province of Ontario took advantage of roaring conditions in dollars this week to punch a big stamp on its dollar curve. The sub-sovereign was able to establish its biggest seven year benchmark.
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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. -
Province of Ontario is the latest issuer this week to capitalise on pent up demand in dollars. The sub-sovereign is set to print a $2bn seven year benchmark later on Thursday.
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The German State of North Rhine-Westphalia capitalised on a bid for duration, despite a steady trickle of supply from German states in euros over the summer break, to print a long 10 year deal at a level leads said was in line with fair value on Tuesday.
