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Sub-sovereigns

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Taxonomy alignment grows, making EuGB label possible
SSA
Portugal and KfW lead euro supply with five year as dollar market focuses on second AfDB hybrid
◆ Tightest 10 year Länder bond this year ◆ Big book leads to 4bp spread move ◆ Deal still three times covered, green element was key
◆ One deal was judged ‘relatively tight’... ◆ And the other ‘definitely cheap’... ◆ ... though fair value tough to spot
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  • SSA
    This week's scorecard focuses on the funding programmes of selected German states and agencies. Next week's scorecard will feature French agencies.
  • Rating: Aa2/-/-
  • SSA
    A first ever syndication for Community of Extremadura — and its largest ever deal — this week could be a sign of things to come, according to bankers. With a more than doubly oversubscribed book and strong international participation, the deal provided evidence that even issuers without much investor recognition can enjoy the benefit of the rally in the eurozone periphery that has run since the start of the year.
  • The appeal of long-dated debt is on the rise in Swiss francs, with a return to the market from New Zealand's Auckland Council this week drawing strong demand as a result of its 12 year maturity. The issuer was able to easily reach its size cap at a tightened price.
  • SSA
    Community of Extremadura sold its largest ever bond with its debut syndication on Wednesday, a day before the Spanish sovereign auctions debt.
  • Auckland Council sold its second ever Swiss franc deal on Tuesday. The short 12 year bonds benefited from a strong bid for duration from Swiss investors, allowing the issuer to reach their size cap at tightened pricing.