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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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Read on to see how benchmarks priced in January are faring in the secondary market. Trading levels given are the 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 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.
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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.
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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.
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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.
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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.
