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Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
◆ Half-year close keeps some issuers on sidelines ◆ Bankers expect big euro supply to come ◆ More concession on pricing could be required
A Kilt will pay a spread over Gilts it cannot justify on credit, which makes it a political gesture rather than a funding tool
Guillaume Pichard, assistant deputy minister, on the five year call, the repo boost and the cost versus home
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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.
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The Federal State of Brandenburg priced an eight year benchmark trade on Tuesday. Demand for the paper was buoyed by deteriorating sentiment on the eurozone’s periphery, leading to a more granular and high quality orderbook than is sometimes seen on trades from Germany länder.
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The Province of Ontario has mandated three banks to run the syndication of a 2.5 year dollar floating rate note. Meanwhile, Norway’s Kommunalbanken and Sweden’s Kommuninvest priced dollar floaters on Wednesday afternoon.
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Quebec returned to the Swiss franc market on Tuesday with a 10 year trade. While Quebec was once popular with Swiss investors for offering an enticing spread compared to sub-Libor domestic credits, the issuer has now achieved sub-Libor pricing of its own.