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Sub-sovereigns

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Canadian province to maintain market-friendly funding approach and 'meet investors where they want us'
SSA
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
SSA
Busy Thursday ahead as five euro and dollar benchmarks set to price after a slow March
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  • SSA
    The launch of a joint bond from six German cities this week is not just another example of fine German engineering, but should be taken as a prime model for local authorities in other countries to follow —not least in the UK.
  • SSA
    Several cities in Land Nordrhein-Westfalen banded together to sell one of the first joint deals from German cities on Thursday. The deal appealed to domestic and international investors and could inspire other cities in the country to access the public debt markets.
  • SSA
    A collection of German cities is set to price the first joint bond from cities in the country later this week. The trade follows one in the same maturity from KfW on Wednesday.
  • SSA
    Spain brushed off the threat of contagion from Latin American volatility this week as two of its sub-sovereigns harnessed investors’ fierce appetite for peripheral debt with record-sized deals at close to pre-crisis pricing, writes Craig McGlashan. Madrid and Aragon’s home runs paved the way for more now that the Tesoro has again tightened the spread over the sovereign at which the regions may print.
  • SSA
    With a spectacular January in the public markets behind them and much of the new year’s liquidity safely tucked away in some juicy deals, the smartest SSAs will dust off their medium term note programmes and start weighing up their private placement options. And — with investors sniffing around for anything with a whiff of yield — there are a multitude of opportunities for the issuers to push out their average maturities.
  • A pair of French regional issuers could soon join a German sub-sovereign in selling long-dated private placements in yen. Japanese investors are coming late to the party as the regions have already begun to extend their maturities.