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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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Investors starved of paper from well-funded borrowers and the summer slowdown allowed the State of Berlin to increase a €100m 10 year print to €250m this week, following a €125m eight year from the sub-sovereign a day before.
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Investors starved of paper from well-funded borrowers and the summer slowdown allowed the State of Berlin to increase a €100m 10 year print to €250m on Tuesday, following a €125m eight year from the sub-sovereign on Monday.
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Banco Espírito Santo reported a €3.6bn loss this week, but the Portuguese soveriegn looks safe from contagion. Its $4.5bn October 2024 from four weeks ago has tightened versus swaps since pricing. -
Two German states sold taps of euro denominated bonds late this week. Federal State of Hessen and the City State of Berlin drew attention from domestic accounts despite many investors slowing their buying because of the summer break.
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Greece braved the furore surrounding Banco Espírito Santo this week to print its second deal since receiving a bailout in 2010. But the trade fell short of some bankers’ expectations — both in volume and maturity — and some worried that the politically driven rigidity of the sovereign’s funding strategy could come back to bite it if there is similar volatility when it next comes to the market, most likely a seven year bond later this year, writes Craig McGlashan.
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The Inter-American Development Bank took advantage of strong demand for dollar paper this week to sell its largest dollar benchmark, while Bank Nederlandse Gemeenten also visited the market, suggesting that appetite remains robust despite many investors getting ready to embark on summer holidays.
