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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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Lower Saxony sold a tap of seven year floating rate debt on Monday morning. The deal — aimed to take advantage of limited supply from German states recently — priced flat to the outstanding bonds, following on from similar successes last week.
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The State of Thuringia sold five year debt on Friday morning, with sharper than expected investor interest allowing the issuer to increase the size of the deal. The trade rounds out a successful week for German states, including a blowout 10 year benchmark from the State of Saxony-Anhalt.
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The European Financial Stability Facility (EFSF) tapped a three year bond for €1.5bn on Wednesday afternoon. It was joined in euros by the State of Saxony-Anhalt, which priced a heavily oversubscribed 10 year benchmark at a tight price earlier in the day.
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The State of Lower Saxony tapped seven year debt on Monday morning, continuing a steady stream of issuance from German states. The City State of Bremen is also expected to come to market soon with a seven year floater.
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Small issuers felt the love of investors this week as a flurry of long dated issuance in the private markets echoed the bulge of activity in the public sector.
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The largest French regions could consider foreign currency deals as they tackle increased funding needs, euro medium term note bankers said this week.