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'Records broken left, right and centre' as redemption money and pent-up demand flood new issues market
◆ NRW tests 30 year demand ◆ both real and fast money feast duration ◆ ADB adds euro to funding mix in active 2026 start
◆ KBN and Quebec among SSA issuers paying no NIP in dollars ◆ Quebec faces 'difficult allocation' after mega demand ◆ CEB also in five year dollars
◆ ‘Very rare’ large book for a German sub-sovereign ◆ ‘New year, new levels’ in price discovery ◆ Tuesday’s focus on dollars, but ‘big’ euro mandates expected Wednesday
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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.
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The Province of Ontario has mandated three banks to run the syndication of a 2.5 year dollar floating rate note. Meanwhile, Norway’s Kommunalbanken and Sweden’s Kommuninvest priced dollar floaters on Wednesday afternoon.
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Quebec returned to the Swiss franc market on Tuesday with a 10 year trade. While Quebec was once popular with Swiss investors for offering an enticing spread compared to sub-Libor domestic credits, the issuer has now achieved sub-Libor pricing of its own.
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The Federal State of Hessen has mandated banks for its second syndicated trade of the year, a seven year fixed rate deal expected to launch on Tuesday morning. Leads are expecting to attract enough demand for a benchmark trade, but, with pricing tight for German states, it could be difficult to stir up demand.
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The German Laender (42) priced its first trade of2013 on Thursday, plumping for a 10 year benchmark. The deal hit full subscription despite bankers away from the deal calling the pricing tight. The State of Thuringia is now considering a 10 year trade, according to syndicate official.
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The Autonomous Community of Madrid’s decision to complete all of its 2013 funding in one fell swoop on Wednesday may have left it with a higher than necessary cost of funding, warned bankers on Thursday. With the rally in the eurozone periphery showing no signs of abating, a more staggered approach to funding could have saved the issuer precious basis points.