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State could fund 50% more next year and is ready to act early in January
◆ Longest euro benchmark from a Canadian province ◆ Investor demand for spread over European SSAs ◆ Building a curve and paying a premium
◆ German state's last benchmark this year ◆ Tightest Länder seven year in 2025 ◆ International demand dominates book
◆ Land NRW and British Columbia eye euros ◆ Rentenbank going for dollars ◆ Too soon to pre-fund?
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The anti-euro theme continued on Thursday with yet another Canadian borrower - this time the Province of Alberta - becoming the latest issuer to take advantage of the wealth of demand for pristine credits far removed from the European sovereign crisis. And Alberta is about as pristine as you can get being rated triple-A by both Moody’s and Standard & Poor’s. It is also incredibly rare. Alberta has not issued in international markets since 2000 and this is its first 144a transaction. -
State of North-Rhine Westphalia (NRW) sold a tap of its 1.75% May 2019s on Tuesday, the latest German issuer to appeal to domestic demand. Investors' responses, however, were weaker than expected.
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Hot on the heels of a pair of popular — and super-tight — dollar trades from supranationals in the first half of this week, Sweden’s SEK and Province of Manitoba pushed to get investor attention further out the curve.
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A syndicate of 26 lenders have provided a €30bn syndicated loan to allow Spain’s regional and city governments to pay off debts to their suppliers.
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A book of $4.5bn for the Province of Ontario’s $3.5bn three year dollar global, which was priced yesterday, underlined the overwhelming demand that exists for SSA names remote from the European sovereign debt crisis. Denmark saw it earlier in the week and Sweden a week ago.
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Ontario became the latest borrower to capitalise on strong demand this week for short-dated dollars on Wednesday — the issuer was set to price a three year trade in the afternoon.
