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Sub-sovereigns

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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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  • 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.