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◆ German state executes intraday trade ◆ Tenor near ‘sweet spot’ on euro curve ◆ Fair value only ‘theoretical’ in current market
Recent deals showed that investor appetite for SSA credit remains
◆ 'Accelerated execution' due to market uncertainty ◆ Popular deal spotted close to fair value ◆ Momentum accounts 'less active'
Primary market for public sector unlikely to see large transactions until after Easter, reckon bankers
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Luxembourg will launch its debut sukuk next week at the earliest, according to a banker on the deal. The issuer’s prospective five year transaction could be priced flat to or even through mid-swaps, but unlike the UK’s inaugural sukuk, Luxembourg is likely to have to offer a premium to its conventional curve, leads admitted.
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Seven German regions enjoyed super tight pricing versus swaps when clubbing together for a Joint Laender deal this week. The issuers priced a no-grow €1bn September 2024 on Wednesday morning at the tightest spread to Bunds for a Joint Laender deal in more than seven years — and the tightest ever spread over mid-swaps for a 10 year.
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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.
