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◆ KBN and Quebec among SSA issuers paying no NIP in dollars ◆ Quebec faces 'difficult allocation' after mega demand ◆ CEB also in five year dollars
◆ ‘Very rare’ large book for a German sub-sovereign ◆ ‘New year, new levels’ in price discovery ◆ Tuesday’s focus on dollars, but ‘big’ euro mandates expected Wednesday
German issuer expected to seize 2026's first window for fourth year in a row
‘Exciting’ cross-market relative value opportunity on offer as issuers aspire to become regular euro visitors
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A pair of French regional issuers could soon join a German sub-sovereign in selling long dated private placements in yen. Japanese investors are keen to push along the curve in search of yield and look beyond their usual fodder of European agencies to large sub sovereign and regional issuers, SSA Markets understands.
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Sterling could be a go-to currency of 2014 for euro funding sovereign, supranational and agency issuers as the euro/dollar basis swap has left dollars looking less attractive and tight dollar swap spreads have some investors picking government bonds over spread products.
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The Autonomous Community of Madrid showed that sovereigns are not the only issuers welcome in the seemingly never ending parade of barnstorming peripheral eurozone bond syndications since the turn of the year on Tuesday. The region sold its largest ever bond at a pre-crisis spread over Bonos, leaving a clear space in the pageant for other Spanish regions to seek suitors in the coming weeks.
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An investor hunt for yield and a flattening French sovereign curve are helping the country’s regional borrowers push out the average maturity of their debt. But despite a recent record long tenor by one of the issuers, asset liability management constraints will put a ceiling on further maturity extension, according to dealers.
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The Autonomous Community of Madrid is set to sell its first euro benchmark in a year this week, while Instituto de Crédito Oficial could return to the Samurai market after a nearly four year absence. The potential trades come after Spain wowed the market by printing the largest eurozone sovereign deal in history last week.
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A five year dollar benchmark from Province of Ontario looked set for success on Thursday. Strong demand, stimulated by the double-digit spread to mid-swaps on offer, has allowed the issuer to set the size $500m larger than targeted.