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Canadian province to maintain market-friendly funding approach and 'meet investors where they want us'
Busy and ‘euro-heavy’ week ahead but dollar pipeline also building with issuers set to bring forward bond plans
◆ First dollar SSA benchmark in two weeks, 'very successful' ◆ 'Pro-investor' pricing approach on show once again ◆ Funding for new fiscal year well underway
Busy Thursday ahead as five euro and dollar benchmarks set to price after a slow March
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Italian issuers were able to draw on the country’s enviable pool of retail investor cash when times were tough at the height of the eurozone debt crisis. But with credit spreads screaming in as the crisis abates, borrowers are getting creative to keep this sophisticated group interested, while opportunities are opening for new issuers. Craig McGlashan reports.
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The equity capital markets in Italy are expected to be busy in 2014. As banks rebuild their capital bases and the government embarks upon an ambitious privatisation scheme, market participants are optimistic about a return to form for the Italian equity sector, finds Nina Flitman.
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Read on to see how deals priced earlier in the year 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. -
The pools of liquidity available to Spanish issuers is growing steadily, as the Community of Castile and León drew more international demand for a 10 year bond than regional neighbour Madrid achieved just two weeks ago — and the Spanish sovereign accessed new investors through a Schuldschein placement.
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Castile and León made the best possible return to the syndicated bond market after a 15 month absence on Tuesday, more than doubling its record volume and pricing at a spread tighter than where its neighbour Madrid priced a deal of similar tenor just two weeks ago.
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Castile and León is set to become the first Spanish issuer to take advantage of an upgrade for the Spanish sovereign, after mandating banks for its first syndication in two years. Across the border, Portugal — which analysts view as a major beneficiary of Spain’s upgrade — is set to buy back debt later this week in a move that could help it make for a clean break from its Troika bailout package.
