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Sub-sovereigns

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◆ No book update for €500m no-grow deal ◆ Surprising lack of demand for defensive trade ◆ Investors continue to cherry pick in big week for supply
◆ Spread to Land Hessen key to pricing ◆ Leads thought long and hard on whether to tighten ◆ 1bp move the right amount as book grew
◆ Three German states brought a new Joint Länder bond ◆ No book update, KfW curve guides pricing ◆ Flemish Community prints new 15 year
Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
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  • SSA
    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.
  • SSA
    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.
  • SSA
    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.
  • SSA
    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.
  • SSA
    This week's scorecard focuses on the funding programmes of selected German states and agencies. Next week's scorecard will feature French agencies.