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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
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Berlin made a swift return to the bond market on Tuesday, selling six year floating rate debt to German bank treasuries and following up a seven year fixed rate note on Monday. The deal did not reach full subscription however, with investors holding out for higher yielding assets.
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The City State of Berlin sold a tap of seven year debt on Monday. Issuance from the Länder has been muted in recent weeks, owing to a combination of unfavourable market conditions and many investors winding down their bond purchasing for the summer.
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The State of Lower Saxony sold benchmark eight year euro debt on Tuesday, pricing the fixed rate bonds flat to its curve. The deal attracted a surprising amount of investor interest given the tight spread over mid-swaps, according to bankers close to the deal.
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Province of Ontario and KfW brought heavily oversubscribed dollar benchmarks at the short end of the curve on Tuesday afternoon, proving that there is demand for issuers in dollars if they are willing to pay a concession.
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Province of Ontario and KfW mandated banks for dollar benchmark on Monday afternoon. If the deals are met with a strong response, they could encourage other issuers to look to sell dollar issues next week.
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The State of Lower Saxony mandated banks for a new eight year benchmark euro deal on Monday, the first benchmark fixed rate bond from a German state since the start of June.