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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 German State of North-Rhine Westphalia has had one of its most successful transactions in recent history on Tuesday with a €1bn seven year bond, which drew demand of over €2.7bn and was priced 3bp inside initial price thoughts.
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Agency issuers, having spent the last two months frantically frontloading their funding in the fear that the eurozone sovereign debt crisis could re-erupt at any point, are now in a position of relative comfort and can take a more relaxed approach to funding for the rest of this year.
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Germany, France, the UK, Netherlands and Finland: these are supposedly the invulnerable ones. But with the eurozone crisis slowly abating — despite Italy’s best efforts to keep it going — what does the future hold for these safe havens? Chris Wright finds out if the golden era for core sovereigns has passed.
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The dollar market has been kind to sovereign, supranational and agency issuers of all classes in the first couple of months of 2013, providing a haven from the often volatile euro for European credits and tight asset swap valuations for those in Washington DC. Jo Richards looks at prospects for the SSAs for the rest of the year.
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Peripheral eurozone sovereigns have had a flying start to 2013. But as the poorly received Italian general election and growing public rejection of austerity show, plenty of risks remain — and investors have yet to test the European Central Bank’s claim to do “whatever it takes” to save the currency bloc. Craig McGlashan reports.
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Investors are sharpening their focus on niche currency markets as yields on euro and dollar denominated paper plummet. While Swiss investors face slim pickings on account of a punishing basis swap, investors in Europe and Asia are heading south to pick up high-yielding Kangaroo and Kauri paper. Nathan Collins reports.