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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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Three borrowers are all contenders for summer benchmarks despite the volatility generated in the Portuguese government bond market this week following the resignation of two government ministers. The prospect of continuing supply after a volatile few weeks will come as encouraging news to market participants who in previous years have seen bad news on one peripheral eurozone sovereign shut down the entire SSA market.
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The Canton of Zurich sold Sfr1.01bn ($1.07bn) of debt on Tuesday across four tranches, selling two, nine, 13 and 25 year bonds. The 25 year bond, brought in response to reverse inquiries, came as a surprise to the bookrunners in light of rising interest rates in recent weeks.
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Communauté Urbaine de Strasbourg joined the growing band of French regions and local authorities in the private placement market on Tuesday, raising €65m with a 20 year note.
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Germany printed its first federal-regional bond, a Bund-Laender-Anheile (BLA), on Wednesday afternoon at a slight premium to mid-swaps in the first benchmark to grace the public sector debt markets in a week.
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Senior SSA bankers predicted a concentration of power into the hands of a few bulge bracket firms following the demise of UBS’s SSA franchise in late 2012. But, as Ralph Sinclair discovers, the broader picture is far more complicated as a swathe of banks have rushed in to serve SSA issuers.
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SSA bankers predicted that the week’s new issue supply could be confined to sovereign borrowers, as the volatility which engulfed markets late last week shows little sign of abating.