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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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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.
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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.