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◆ Rarity helped the 10 year deal ◆ Spread over KfW estimated ◆ Upside demand as order book grows
Funding director Jason Lewis and portfolio manager Greg Horan reflect on biggest ever Canadian provincial bond
An public sector issuer breaking a record with a deal this week became so common a claim it began to sound like, well, a broken record. But questions remain about how robust demand really is
Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
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German regions opted to increase existing deals this week, as City State of Hamburg priced a tap and State of Rhineland Palatinate also mandated banks for a reopening.
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FMS Wertmanagement and the State of Thuringia both came to market with euro trades on Wednesday, FMS launching a new long two year line and Thuringia tapping seven year paper. Both issuers were able to achieve favourable pricing in not entirely favourable market conditions.
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Swedish municipalities raised Skr1.75bn ($272.5m) of four year money this week as issuers looked to make a start on what is set to be a busy year of funding.
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Ontario sold its first benchmark dollar trade of 2013 on Thursday afternoon, also likely to be the last of its fiscal year. Leads set guidance wider than initial price thoughts as investors balked at the tight level suggested.
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The Province of Quebec’s return to the dollar market after an 18 month absence was a solidly US affair with almost 90% of the bonds sold to high quality US asset managers, banks, official institutions and pension and insurance companies.
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The Province of Quebec will price a 10 year dollar bond this afternoon in the mid-swaps plus 60bp area. It is the borrower’s first dollar issue since August 2011 when it issued a $1.4bn August 2021 maturity, and follows a Sfr250m 1.125% February 2023 transaction launched by the province last week.