Top Section/Ad
Top Section/Ad
Most recent
Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
◆ Half-year close keeps some issuers on sidelines ◆ Bankers expect big euro supply to come ◆ More concession on pricing could be required
A Kilt will pay a spread over Gilts it cannot justify on credit, which makes it a political gesture rather than a funding tool
Guillaume Pichard, assistant deputy minister, on the five year call, the repo boost and the cost versus home
More articles/Ad
More articles/Ad
More articles
-
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.
-
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.
-
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.
-
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.
-
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.
-
This week's funding scorecard covers, from a capital markets perspective, the major German Laender. The funding requirement covers each state's total funding requirement. However, the data on what has been raised so far only covers bond market funding and not Schuldscheine (registered bonds) or any other source of borrowing. Higher than expected tax revenues may well mean that the Laender do not have to reach their full funding requirements this year, say analysts. Estimates of total funding raised by the Laender are that none are below 50% done for the year with the average state having raised between 60%-80% of what it needs already.