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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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The European Investment Bank and Tokyo Metropolitan Government were first out of the gates with dollar benchmark mandates on Monday, in what is expected to be a busy week in the currency.
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Another Canadian province could tap the dollar market next week, according to syndicate bankers, following deals from Manitoba and Ontario this week. Manitoba appealed with a compact deal on Wednesday and Ontario was quick to follow with a benchmark of its own on Friday afternoon.
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Investors are hungry for duration from Belgian sub sovereign issuers, which are looking to tap the demand and will push further out the maturity curve in the coming weeks, according to bankers. But some of the borrowers are sticking to medium term deals, opting for clips with maturities between three and five years.
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After weeks of limited issuance, the dollar market is primed to spark into life next week as investors clamour for a chance to use up accumulated cash. The European Investment Bank and Municipality Finance are tipped to launch deals, while Ontario stole a march on other issuers by mandating banks on Thursday afternoon for a benchmark.
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Germany’s Joint Laender and the European Investment Bank tapped the 10 year part of the curve in euros on Thursday. The Laender came with a new issue benchmark that failed to get over the line and the EIB a tap that brought its January 2024 line to €4bn.