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◆ No book update for €500m no-grow deal ◆ Surprising lack of demand for defensive trade ◆ Investors continue to cherry pick in big week for supply
◆ Spread to Land Hessen key to pricing ◆ Leads thought long and hard on whether to tighten ◆ 1bp move the right amount as book grew
◆ Three German states brought a new Joint Länder bond ◆ No book update, KfW curve guides pricing ◆ Flemish Community prints new 15 year
Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
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The future is bright for Kangaroo bonds. Australia’s local public sector borrowers are preparing to reduce their issuance programmes and the spreads on their bonds are moving in as a result. The competition is shrinking, so it’s time for SSAs to have a good look at the Kangaroo market.
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British Columbia breezed through its Kangaroo debut on Friday, a combination of rarity and a juicy spread over supranational issuers drawing attention from both domestic and international investors. Syndicate bankers are predicting an increase in domestic participation in Kangaroo trades, with issuance from Australian public sector entities likely to tail off.
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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.