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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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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.
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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.
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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.
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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.