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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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Castile and León is set to become the first Spanish issuer to take advantage of an upgrade for the Spanish sovereign, after mandating banks for its first syndication in two years. Across the border, Portugal — which analysts view as a major beneficiary of Spain’s upgrade — is set to buy back debt later this week in a move that could help it make for a clean break from its Troika bailout package.
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Read on to see how deals priced earlier in the year 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. -
The UK government in London may be prepared to give Scotland the authority to print its own bonds, thus adding a new issuer to the exclusive sovereign, supranational and agency market, but the real power over whether or not the country ever raises its own bonds may lie with investors both within it own borders and elsewhere in the UK, writes Craig McGlashan.
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The granting of bond issuing powers to the devolved Scottish government is nothing but a political play.
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The peripheral eurozone recovery ride gained more momentum on Thursday, as Spain’s 10 year yields tumbled at auction to levels last seen in the middle of the last decade. A day earlier, the Community of Madrid printed its second super long dated private placement in a week while Portugal sold short term paper at its lowest yields since late 2009.
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The SSA bond market could have a new issuer to look forward to after the UK government on Wednesday handed the devolved government in Scotland the power to issue its own bonds.
