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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 Province of Ontario hired banks for a new 10 year dollar benchmark on Thursday afternoon, the second Canadian issuer to pick the maturity this week. The Friday execution will allow the issuer to hit the market before an expected spate of issuance next week.
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Manitoba is set to price its first dollar benchmark in more than a year on Wednesday, enjoying booming demand for the trade because of its rarity in the dollar market.
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Finnish and German municipalities have changed their approach to funding this year. Finnish municipalities are mulling private placements, while their German peers are moving away from the bond markets.
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Land Saxony-Anhalt could follow Land Nordrhein-Westfalen’s lead and print more private placements in niche currencies this year, according to MTN bankers. Land NRW sold the first Brazilian real deal from a German sub-sovereign this week.
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German municipalities are increasingly issuing in the Kassenkredite format — short term credit lines governed by German law, according to analysts. But the issuers could soon be joined by international borrowers that want to benefit from the advantages the format has to offer.
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Land Nordrhein-Westfalen this week sold the first Brazilian real deal from a German sub-sovereign. The region, which notched up another new currency earlier this year when it debuted in New Zealand dollars, is keen to explore niche currency issuance to offer investors a pick-up in yield, according to MTN dealers.