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◆ Rarity helped the 10 year deal ◆ Spread over KfW estimated ◆ Upside demand as order book grows
Funding director Jason Lewis and portfolio manager Greg Horan reflect on biggest ever Canadian provincial bond
An public sector issuer breaking a record with a deal this week became so common a claim it began to sound like, well, a broken record. But questions remain about how robust demand really is
Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
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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.
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The Province of Ontario will price a $2.25bn five year dollar global bond on Thursday afternoon at the mid-swaps plus 25bp level which has been the guidance throughout the process.
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The Province of Ontario has mandated banks for a five year global in the wake of Tuesday’s British Columbia 10 year dollar global — its largest ever in the maturity. The BC deal was priced inside its curve offering further proof of the strong appetite for top rated credits in the dollar market.
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State of North-Rhine Westphalia is in the mood for a potential benchmark later in October after printing a pair of issues totalling €1.5bn this week.
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State of Baden-Württemberg priced a €500m eight year floating rate note on Thursday morning — half the size it had been discussing with banks earlier this week. Push back over pricing meant the issuer decided to go for a smaller trade to get the level it had been targeting and there was no evidence that even that smaller size achieved full subscription.
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The State of Baden-Württemberg is looking to mandate banks for a €1bn floater this week, SSA Markets understands. But the borrower’s hopes of a deal may have been inadvertently scuppered by compatriot agency, KfW.