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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 City of Örebro sold its first medium term note of 2012 this week — and second ever — as Swedish municipalities look set to hike their funding through private placements because the state has decided to halt a cash stimulus programme announced in 2009. -
City of Gothenburg is hoping that Swedish investors will begin to reference it over Swedish government bonds rather than domestic bank covered bonds as it looks to focus on short to medium term MTNs this year and gain more advantageous pricing.
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The State of North-Rhine Westphalia (NRW) opened a new five year line in Norwegian krone on Tuesday to refinance a maturing bond. Meanwhile, Nederlandse Waterschapsbank (NWB) sold a tap of its 3.375% April 2017s, taking advantage of its rarity in this market to capture investor attention.
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The State of North-Rhine Westphalia sold a €500m September 2018 note on Thursday, taking advantage of strong domestic bid for the name.
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The City of Stockholm sold its largest dollar CP trade on Tuesday after expanding its dollar commercial paper programme on March 2.
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The Province of Manitoba was the only SSA issuer in the dollar market on Wednesday, printing a $600m five year transaction. Who will do the next trade is the problem facing the market as bankers decry the lack of issuers looking to print despite low interest rate, juicy basis swap arbitrage and an apparently enthusiastic buyer base. Export Development Canada (EDC) is rumoured seemingly every week but there is no sign of that deal going live as yet.
