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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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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.
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Quebec sold its first euro denominated bond in more than four years on Wednesday, placing €1bn of 10 year debt. While funding costs for Canadian issuers in euros are not as attractive as when Quebec last tapped the market, the issuer was keen to maintain ties with European investors for diversification purposes.
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The Russian sovereign is a notoriously inflexible and aggressive issuer — but a much sought-after client. It has yet to pull the trigger on its 2013 bond issue but could press ahead soon, betting on further US Treasury rate rises, or hold off, in anticipation of a fall. Francesca Young looks at how the country will deal with the challenge of EM volatility.
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The State of Rhineland-Palatinate and NRW.Bank both sold floating rate debt at the short end of the curve on Monday, with Rhineland-Palatinate opting for a new two year euro bond while NRW.Bank chose to increase its recent three year euro deal.