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◆ NRW tests 30 year demand ◆ both real and fast money feast duration ◆ ADB adds euro to funding mix in active 2026 start
◆ 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
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Leads have set the terms on a five year dollar deal from the Province of Ontario, with pricing coming in line with guidance. The deal, which is expected to be priced later on Friday, is expected to presage a strong week for dollar issuance in the maturity following the Federal Reserve’s decision not to slow its asset purchasing programme.
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Province of Ontario is the latest issuer expected to bring a five year dollar deal next week, adding to a hefty SSA pipeline. There are also thought to be opportunities for long dated euro deals, with the Federal Reserve’s unexpected decision not to slow its asset purchasing programme causing a steepening in the euro curve.
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Sovereign, supranational and agency issuers have eschewed the new issue market so far this week because of the volatility inducing potential of the Federal Reserve Open Markets Committee meeting which kicks off on Wednesday. But several are in the pipeline to take advantage of the calmer markets expected next week.
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The Province of Manitoba returned to the Kangaroo market on Thursday, selling debt at the long end of the curve. The 10 year space has proved popular in recent weeks with SSA issuers looking to add duration to their curves.
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The European Investment Bank sold a tap of a 10 year EARN on Tuesday, with the increase falling slightly short of full subscription as investors proved reluctant to commit large amounts of cash to the deal. The City State of Berlin also came to market, opting for eight year debt.
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State of Saxony-Anhalt took a novel approach to his funding strategy this week as it sold a private placement in Australian dollars— only the fourth time a German region has printed a bond in the currency.