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Sub-sovereigns

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◆ German state's last benchmark this year ◆ Tightest Länder seven year in 2025 ◆ International demand dominates book
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◆ Land NRW and British Columbia eye euros ◆ Rentenbank going for dollars ◆ Too soon to pre-fund?
Taxonomy alignment grows, making EuGB label possible
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Portugal and KfW lead euro supply with five year as dollar market focuses on second AfDB hybrid
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  • SSA
    Read on to see how deals priced earlier in the year 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.
  • SSA
    The pools of liquidity available to Spanish issuers is growing steadily, as the Community of Castile and León drew more international demand for a 10 year bond than regional neighbour Madrid achieved just two weeks ago — and the Spanish sovereign accessed new investors through a Schuldschein placement.
  • SSA
    Castile and León made the best possible return to the syndicated bond market after a 15 month absence on Tuesday, more than doubling its record volume and pricing at a spread tighter than where its neighbour Madrid priced a deal of similar tenor just two weeks ago.
  • SSA
    Castile and León is set to become the first Spanish issuer to take advantage of an upgrade for the Spanish sovereign, after mandating banks for its first syndication in two years. Across the border, Portugal — which analysts view as a major beneficiary of Spain’s upgrade — is set to buy back debt later this week in a move that could help it make for a clean break from its Troika bailout package.
  • SSA
    Read on to see how deals priced earlier in the year 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.
  • The UK government in London may be prepared to give Scotland the authority to print its own bonds, thus adding a new issuer to the exclusive sovereign, supranational and agency market, but the real power over whether or not the country ever raises its own bonds may lie with investors both within it own borders and elsewhere in the UK, writes Craig McGlashan.