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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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  • 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.
  • SSA
    Province of Ontario is the latest issuer this week to capitalise on pent up demand in dollars. The sub-sovereign is set to print a $2bn seven year benchmark later on Thursday.
  • SSA
    The German State of North Rhine-Westphalia capitalised on a bid for duration, despite a steady trickle of supply from German states in euros over the summer break, to print a long 10 year deal at a level leads said was in line with fair value on Tuesday.
  • Deutsche Bank has hired a new head of dollar SSA trading to replace Hiren Gudka. It is the latest in a round of moves within the bank’s public sector bond team this year.
  • 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.
  • SSA
    The Province of Manitoba added to a glut of Kangaroo trades on Thursday, hitting the far end of the curve with a long 10 year print. The deal appealed to investors despite coming on the heels of the year’s largest long dated print in the currency.