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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 Manitoba is looking to make a rare appearance in the Kangaroo market on Thursday, responding to demand from Japanese investors for long dated paper in an effort to diversify its investor base.
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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. -
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.
