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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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German and French investors are pushing into longer maturities in an attempt to meet yield targets. Buyers are expressing interest in MTNs with maturities of over 15 years and some are beginning to lower yield targets as they adjust to ever tighter rates. -
The Autonomous Community of Aragon has launched its 2012 MTN funding effort with a long-dated note with a coupon of over 7%. The issue was sold into Spain as domestic investors looked for higher yields.
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Département de L’Essonne sold a 10 year €25m note through Natixis on Tuesday. The note was priced at par and pays a coupon of 4%. It was sold to an institutional investor.
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The euro SSA sector is becalmed by the pending debt disaster that is Greece and seemingly focused on LTRO-type transactions for Germany and domestically tailored product for France. A resolution to Greece’s debt mountain cannot be far away as Greece has a €14.5bn Eurobond redemption to meet on March 20 but there was still some – albeit specialised – new issue activity on Monday.
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Domestic hunger for a pick-up over Spanish government bonds prompted the Chartered Community of Navarre to sell its first MTN in seven months. The issuer printed on Thursday, a three year at 100bp over Bonos.
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The attempts of German Länder to extend the duration of their funding is being hampered by investors’ refusal to entertain longer-dated investments as they look for a home for their LTRO cash.
