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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 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.
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Greece's €1.5bn July 2017 from four weeks ago suffered a near 50bp widening versus Germany over the past week, as investors stormed into the eurozone core. But most safe haven assets like the World Bank's $1.75bn December 2016 from last week tightened against swaps and benchmarks. -
Investors starved of paper from well-funded borrowers and the summer slowdown allowed the State of Berlin to increase a €100m 10 year print to €250m this week, following a €125m eight year from the sub-sovereign a day before.
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Investors starved of paper from well-funded borrowers and the summer slowdown allowed the State of Berlin to increase a €100m 10 year print to €250m on Tuesday, following a €125m eight year from the sub-sovereign on Monday.
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Banco Espírito Santo reported a €3.6bn loss this week, but the Portuguese soveriegn looks safe from contagion. Its $4.5bn October 2024 from four weeks ago has tightened versus swaps since pricing.
