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State could fund 50% more next year and is ready to act early in January
◆ Longest euro benchmark from a Canadian province ◆ Investor demand for spread over European SSAs ◆ Building a curve and paying a premium
◆ German state's last benchmark this year ◆ Tightest Länder seven year in 2025 ◆ International demand dominates book
◆ Land NRW and British Columbia eye euros ◆ Rentenbank going for dollars ◆ Too soon to pre-fund?
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FMS Wertmanagement and the State of Thuringia both came to market with euro trades on Wednesday, FMS launching a new long two year line and Thuringia tapping seven year paper. Both issuers were able to achieve favourable pricing in not entirely favourable market conditions.
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Swedish municipalities raised Skr1.75bn ($272.5m) of four year money this week as issuers looked to make a start on what is set to be a busy year of funding.
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Ontario sold its first benchmark dollar trade of 2013 on Thursday afternoon, also likely to be the last of its fiscal year. Leads set guidance wider than initial price thoughts as investors balked at the tight level suggested.
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The Province of Quebec’s return to the dollar market after an 18 month absence was a solidly US affair with almost 90% of the bonds sold to high quality US asset managers, banks, official institutions and pension and insurance companies.
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The Province of Quebec will price a 10 year dollar bond this afternoon in the mid-swaps plus 60bp area. It is the borrower’s first dollar issue since August 2011 when it issued a $1.4bn August 2021 maturity, and follows a Sfr250m 1.125% February 2023 transaction launched by the province last week.
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The Federal State of Brandenburg priced an eight year benchmark trade on Tuesday. Demand for the paper was buoyed by deteriorating sentiment on the eurozone’s periphery, leading to a more granular and high quality orderbook than is sometimes seen on trades from Germany länder.