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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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The Finanzagentur unveiled on Thursday which states will participate in the inaugural Bund-Laender-Anheile.
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Five banks have won the mandate to run investor meetings for Germany’s first joint federal-regional bond — a Bund-Laender-Anheile — with a view to selling a euro benchmark.
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The State of Lower Saxony raised €500m of five year money on Monday afternoon. The issuer plumped for a floating rate issue, which boosted investor demand in a volatile rates environment ahead of this week’s Federal Open Market Committee meeting.
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A small number of issuers remain open to the possibility of new benchmark deals - despite the weak sentiment in markets - as all eyes are focussed on the FOMC meeting next week to assess what levels of Quantitative Easing the Federal Reserve's chairman, Ben Bernanke, is willing to provide. But talk of a market access crisis is premature, said bankers, given SSA borrowers are flush with cash having front-loaded issuance programmes.
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The City of Prague is planning to return to market for its first euro deal in a decade. The deal will appeal to investors looking for rarity and diversity, said senior bankers.
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French local authorities are enjoying ever tightening spreads to government bonds as investors grow accustomed to the credits, medium term note dealers reported on Monday.