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Guillaume Pichard, assistant deputy minister, on the five year call, the repo boost and the cost versus home
◆ State’s pre-summer deal attracts €2bn book ◆ Maybe only one more deal to come on reduced needs ◆ 2bp NIP to start as issuer tries to ‘be fair to the market’
◆ Canadian province tests post-Starmer sterling ◆ Five year choice keeps the buyers ◆ New issue concession estimated
Nine banks chosen to run £1.5bn borrowing programme
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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. -
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.
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Cassa del Trentino has showed one of the major advantages of nurturing a medium term note programme by nipping in to take advantage of a one day rally in Italian government bonds to save precious basis points on its funding costs. As a small, infrequent issuer, the borrower showed some of its peers what can be achieved by taking the MTN route.
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The City of Ludwigshafen has hired banks to run a roadshow for what will be its debut syndication. Meanwhile, City of Berlin picked banks to lead a deal that is set to be priced on Wednesday.
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The Province of Trento’s funding arm Cassa del Trentino came to market early with a long dated medium term note to take advantage of strong performance in Italian government bonds. Meanwhile, Cassa Depositi e Prestiti mandated banks for a roadshow.
