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Canadian province to maintain market-friendly funding approach and 'meet investors where they want us'
Busy and ‘euro-heavy’ week ahead but dollar pipeline also building with issuers set to bring forward bond plans
◆ First dollar SSA benchmark in two weeks, 'very successful' ◆ 'Pro-investor' pricing approach on show once again ◆ Funding for new fiscal year well underway
Busy Thursday ahead as five euro and dollar benchmarks set to price after a slow March
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Five banks have won the mandate to run investor meetings for Germany’s first joint federal-regional bond — a Bund-Laender-Anheile — with a view to selling a euro benchmark.
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The State of Lower Saxony raised €500m of five year money on Monday afternoon. The issuer plumped for a floating rate issue, which boosted investor demand in a volatile rates environment ahead of this week’s Federal Open Market Committee meeting.
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A small number of issuers remain open to the possibility of new benchmark deals - despite the weak sentiment in markets - as all eyes are focussed on the FOMC meeting next week to assess what levels of Quantitative Easing the Federal Reserve's chairman, Ben Bernanke, is willing to provide. But talk of a market access crisis is premature, said bankers, given SSA borrowers are flush with cash having front-loaded issuance programmes.
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The City of Prague is planning to return to market for its first euro deal in a decade. The deal will appeal to investors looking for rarity and diversity, said senior bankers.
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French local authorities are enjoying ever tightening spreads to government bonds as investors grow accustomed to the credits, medium term note dealers reported on Monday.
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The City State of Berlin braved a choppy market on Monday morning to sell its first 10 year benchmark in two years. Leads were able to price the deal at the tight end of initial price thoughts, offering only a small new issue premium.