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◆ No book update for €500m no-grow deal ◆ Surprising lack of demand for defensive trade ◆ Investors continue to cherry pick in big week for supply
◆ Spread to Land Hessen key to pricing ◆ Leads thought long and hard on whether to tighten ◆ 1bp move the right amount as book grew
◆ Three German states brought a new Joint Länder bond ◆ No book update, KfW curve guides pricing ◆ Flemish Community prints new 15 year
Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
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Moody’s has downgraded the Government of Japan’s debt rating by one notch from Aa3 to A1 with a stable outlook. The assessment comes on the tailwinds of mounting concerns over Japan’s ability to reduce fiscal deficit and the effectiveness of Abenomics. -
The Community of Aragon has become the second Spanish region to bring a deal to the capital markets since European Central Bank president Mario Draghi made dovish comments late last week. And with the Spanish sovereign’s yields hitting record lows this week, there could be more sub-sovereign action before the year is out.
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A cost saving measure from the French government could mean that the French sub-sovereign debt market could be unrecognisable in a few years.
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HSBC has moved the public sector DCM coverage it had in New York to London. The move affects Kevin Galligan, who was told of the decision last week, it is understood.
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When UBS exited the supranational and agency bond business in 2012 there were justifiable concerns that more and more dealers, straining under the cost of supporting this most important part of the capital markets, would follow suit. But the sector has changed — and even those dealers that left clients in the lurch should not be afraid to rebuild old relationships. They may even find themselves welcomed back with open arms.
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The Bailiwick of Guernsey could follow Jersey in debuting in the bond market this year, after mandating banks on Monday afternoon to run a series of investor meetings.
