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Sub-sovereigns

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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
SSA
Nine banks chosen to run £1.5bn borrowing programme
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  • The Province of British Columbia (BC) has launched a benchmark size offshore renminbi bond through Bank of China and HSBC. It will mark BC’s second RMB bond, after it became in October 2013 the first sub-sovereign issuer to sell a dim sum bond.
  • Swiss franc investors snapped up a long dated Quebec issue this week following a shift in demand toward 10 year paper.
  • Swiss franc investors snapped up a long dated Quebec issue on Tuesday, following a shift in demand toward 10 year paper.
  • SSA
    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.
  • Rating: Aa1/AA-/AAA
  • A cacophony of troublesome macro conditions are rocking the markets and could make issuance exceptionally tricky for issuers looking to print dollars in the coming weeks. A pair of borrowers felt the pain on Wednesday, with their leads setting pricing in line with initial price thoughts and at least one of the deals undersubscribed — a far cry from a series of blow-out dollar trades since the market reopened after the summer.