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An public sector issuer breaking a record with a deal this week became so common a claim it began to sound like, well, a broken record. But questions remain about how robust demand really is
Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
Huge order book allowed the issuer to increase size of five year dollar trade
Issuer had already pre-funded in dollars earlier this year
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Regional governments are expected to increase their sale of green bonds in the coming months, according to bankers, taking an opportunity to diversify their investor bases. Stockholm County Council sold its first green debt this week and was rewarded with an increase in international distribution.
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The Province of British Columbia will make its Kangaroo debut on Friday, drawing strong demand from investors. The deal will round off a hot week for issuance for Kangaroos, during which the Asian Development Bank sold the largest such deal from a sovereign, supranational or agency in almost three years.
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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.