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Issuer nearly 40% funded for the year with three more deals potentially still to come
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As the Middle East war shakes bond markets, non-sovereign public sector issuers are proving their safe haven status
◆ German state executes intraday trade ◆ Tenor near ‘sweet spot’ on euro curve ◆ Fair value only ‘theoretical’ in current market
Recent deals showed that investor appetite for SSA credit remains
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Sovereigns stole the limelight in the euro market this week with Italy and Spain printing blowouts, but the focus will shift to the European Financial Stability Facility next week. The rescue agency sent out requests for proposals on Wednesday ahead of a benchmark deal for which it has the whole length of the curve open to it, according to syndicate bankers.
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The Province of British Columbia will make its Kangaroo debut on Friday, and is drawing strong demand from investors attracted to its top quality rating and scarcity. The deal comes on the heels of a five year dual tranche from Asian Development Bank — the largest Kangaroo deal in almost three years.
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Stockholm County Council caught the attention of international investors with its debut green bond on Monday, just the second from a Swedish region. More regional governments — both from Sweden and more generally — are expected to look at green issuances, inspired by the chance to diversify their funding bases.
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Investors stormed into Province of Ontario’s first euro benchmark in almost four years on Tuesday, allowing it to print a €1.75bn 10 year deal. Meanwhile, Rentenbank got €1.25bn away with an eight year print.
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The Province of Ontario mandated banks on Monday afternoon for a 10 year euro benchmark in a return to the currency after an absence of almost four years. The issuer will be joined by Rentenbank, which plans a curve-extending eight year deal in euros.
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Read on to find out which borrowers have been nominated in the SSA categories of GlobalCapital’s Bond Awards. The Winners will be revealed at our annual black tie Bond Dinner, which will be held at the Guildhall in London on May 21 (free article).