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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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The flowering of new French local authority names in the privately placed medium term note market could wither late next year, as the country is set to follow the Nordic model of financing its regional issuers, a head of MTNs has told SSA Markets.
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Several German states are expected to make last-minute forays to the debt capital markets in December, following in the lead of Baden-Württemberg which tapped 10 year bonds on Thursday afternoon.
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French regions are expected to diversify their private placement deals in the coming year — issuing in yen, sterling and Swiss francs, according to MTN bankers. The regions will find particularly strong demand for yen issues as small Japanese investors begin to hunt for paper.
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The State of North-Rhine Westphalia priced the first oversubscribed deal in euros in a week on Tuesday as initial price thoughts offered at a healthy spread to mid-swaps caught investors’ attention. The level of demand enabled the issuer to print a larger deal than targeted at the tight end of guidance.
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City of Mainz made a strong entrance to the bond market on Tuesday, drawing a more than three times oversubscribed book to a five year floater and pricing at the tight end of guidance. The success of the deal could tempt other German cities to follow the issuer with bonds, said bankers.
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State of Baden-Württemberg has around €300m of cash left to raise this year, after collecting €1bn from its first benchmark in nearly five years this week — a trade that reached full subscription but only after a slow book build.