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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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Brussels-Capital Region wants to raise €70m in private placements by April 8 but is receiving more inquiries for longer tenors than it wants to print. French regions could look to take advantage of the excess demand and print longer notes, according to medium term note dealers.
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Strong Asian demand helped the North Rhine-Westphalia increase the size of its first benchmark of the year on Wednesday, despite the issuer pricing the bond at the tight end of guidance.
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Uncertainty over the status of bonds under the rules for the Basel III liquidity coverage ratio is making some SSA issuers nervous and helping to widen the spreads of borrowers on the cusp of falling into the second tier.
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Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data. -
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.
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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.
