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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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The Community of Aragon made it a triple whammy for Spanish issuers over the past fortnight as the issuer printed its largest ever bond on Thursday, matching similar records for Madrid and the Spanish sovereign.
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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.