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An public sector issuer breaking a record with a deal this week became so common a claim it began to sound like, well, a broken record. But questions remain about how robust demand really is
Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
Huge order book allowed the issuer to increase size of five year dollar trade
Issuer had already pre-funded in dollars earlier this year
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Province of Ontario is the latest issuer expected to bring a five year dollar deal next week, adding to a hefty SSA pipeline. There are also thought to be opportunities for long dated euro deals, with the Federal Reserve’s unexpected decision not to slow its asset purchasing programme causing a steepening in the euro curve.
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Sovereign, supranational and agency issuers have eschewed the new issue market so far this week because of the volatility inducing potential of the Federal Reserve Open Markets Committee meeting which kicks off on Wednesday. But several are in the pipeline to take advantage of the calmer markets expected next week.
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The Province of Manitoba returned to the Kangaroo market on Thursday, selling debt at the long end of the curve. The 10 year space has proved popular in recent weeks with SSA issuers looking to add duration to their curves.
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The European Investment Bank sold a tap of a 10 year EARN on Tuesday, with the increase falling slightly short of full subscription as investors proved reluctant to commit large amounts of cash to the deal. The City State of Berlin also came to market, opting for eight year debt.
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State of Saxony-Anhalt took a novel approach to his funding strategy this week as it sold a private placement in Australian dollars— only the fourth time a German region has printed a bond in the currency.
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The State of Hessen sold a five year floater on Monday, targeting demand from German bank treasuries looking for floating rate debt though the trade fell slightly short of full subscription. The European Investment Bank also came to market on Monday, tapping 12 year debt in response to a reverse inquiry.