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Sub-sovereigns

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First Canadian province to visit euros in 2026
◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established
SSA
German sovereign goes for conventional over green as smaller peers join a crowded Tuesday
SSA
Primary market shows strength but pockets of weakness a reminder that ‘1bp could make all the difference’
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  • There will be fewer private placements from Spanish regional issuers in the coming weeks, according to medium term note dealers. But the bankers are divided as to whether this is investor or issuer driven.
  • SSA
    Spanish regional issuers will find it hard to print private placements in the coming weeks as their spreads against Bonos compress, according to medium term note dealers.
  • SSA
    This week's scorecard focuses on the funding programmes of selected German states and agencies. Next week's scorecard will feature French agencies.
  • Rating: Aa2/-/-
  • SSA
    A first ever syndication for Community of Extremadura — and its largest ever deal — this week could be a sign of things to come, according to bankers. With a more than doubly oversubscribed book and strong international participation, the deal provided evidence that even issuers without much investor recognition can enjoy the benefit of the rally in the eurozone periphery that has run since the start of the year.
  • The appeal of long-dated debt is on the rise in Swiss francs, with a return to the market from New Zealand's Auckland Council this week drawing strong demand as a result of its 12 year maturity. The issuer was able to easily reach its size cap at a tightened price.