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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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A pair of French regional issuers could soon join a German sub-sovereign in selling long-dated private placements in yen. Japanese investors are coming late to the party as the regions have already begun to extend their maturities.
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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.