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Canadian province to maintain market-friendly funding approach and 'meet investors where they want us'
Busy and ‘euro-heavy’ week ahead but dollar pipeline also building with issuers set to bring forward bond plans
◆ First dollar SSA benchmark in two weeks, 'very successful' ◆ 'Pro-investor' pricing approach on show once again ◆ Funding for new fiscal year well underway
Busy Thursday ahead as five euro and dollar benchmarks set to price after a slow March
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Instituto de Crédito Oficial (Ico) tapped its five year debt on Wednesday, seeing larger participation from international accounts than has been the case with its recent issuance.
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The German Laender took advantage of a dearth of euro supply on Friday to tap an October 2019 bond for €500m. Demand was such that the issuer could increase the deal’s size from the initial target despite pricing through its curve.
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The State of North-Rhine Westphalia was able to increase a four year floating rate note on Monday at the tight end of price guidance as strong international investor interest built an order book nearly double the targeted size.
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The State of Berlin raised €500m in two hours on Wednesday morning with a fully sold April 2018 floater that was priced flat to the issuer’s curve.
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Comunidad de Madrid will focus on privately placed deals during the rest of the year after having its fingers burned during an attempted syndicated tap on Tuesday, dealers close to the aborted deal have told SSA Markets.
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Collectivites Territoriales de France — a collection of French sub-sovereigns issuing under a joint name — brought its second ever trade on Friday afternoon. Borrowing as a group, the sub-sovereigns were able to cut down their borrowing costs and the success of the deal suggests that other French administrative regions may look to a similar model for the future.