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An public sector issuer breaking a record with a deal this week became so common a claim it began to sound like, well, a broken record. But questions remain about how robust demand really is
Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
Huge order book allowed the issuer to increase size of five year dollar trade
Issuer had already pre-funded in dollars earlier this year
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Public sector issuers shrugged off the quiet dollar and euro markets to take advantage of other currency opportunities this week — and there are signs that more deals could follow in the summer.
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The Province of Ontario sold its first new issue Kangaroo bond in four years on Wednesday. It plans to follow it up with a green bond debut and a dollar benchmark later this year.
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The State of Lower Saxony priced a €500m eight year through swaps on Monday. Other Laender are likely to follow as they look to pick up funding at attractive levels through small syndications and taps over the summer, according to a DCM banker based in Germany.
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Greece's €1.5bn July 2017 from four weeks ago suffered a near 50bp widening versus Germany over the past week, as investors stormed into the eurozone core. But most safe haven assets like the World Bank's $1.75bn December 2016 from last week tightened against swaps and benchmarks. -
Investors starved of paper from well-funded borrowers and the summer slowdown allowed the State of Berlin to increase a €100m 10 year print to €250m this week, following a €125m eight year from the sub-sovereign a day before.
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Investors starved of paper from well-funded borrowers and the summer slowdown allowed the State of Berlin to increase a €100m 10 year print to €250m on Tuesday, following a €125m eight year from the sub-sovereign on Monday.
