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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
SSA
◆ Land NRW and British Columbia eye euros ◆ Rentenbank going for dollars ◆ Too soon to pre-fund?
Taxonomy alignment grows, making EuGB label possible
SSA
Portugal and KfW lead euro supply with five year as dollar market focuses on second AfDB hybrid
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  • SSA
    The State of North-Rhine Westphalia priced the first oversubscribed deal in euros in a week on Tuesday as initial price thoughts offered at a healthy spread to mid-swaps caught investors’ attention. The level of demand enabled the issuer to print a larger deal than targeted at the tight end of guidance.
  • SSA
    City of Mainz made a strong entrance to the bond market on Tuesday, drawing a more than three times oversubscribed book to a five year floater and pricing at the tight end of guidance. The success of the deal could tempt other German cities to follow the issuer with bonds, said bankers.
  • SSA
    State of Baden-Württemberg has around €300m of cash left to raise this year, after collecting €1bn from its first benchmark in nearly five years this week — a trade that reached full subscription but only after a slow book build.
  • SSA
    British Columbia sold its debut dim sum bond on Friday, the largest ever in the format from a non-Chinese SSA. Central banks piled into the deal, keen on a rare opportunity to pick up triple-A paper denominated in renminbi.
  • SSA
    British Columbia is set to price its debut dim sum bond on Friday, the first ever trade in the format from a sovereign or sub-sovereign issuer. Strong demand for the deal is expected to allow the issuer to price it tighter than initial guidance.
  • SSA
    Département des Bouches-du-Rhône is set to become the latest French regional issuer to join the bond market, SSA Markets understands. The borrower plans to launch a debut deal next month.