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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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The Federal State of Hessen has mandated banks for its second syndicated trade of the year, a seven year fixed rate deal expected to launch on Tuesday morning. Leads are expecting to attract enough demand for a benchmark trade, but, with pricing tight for German states, it could be difficult to stir up demand.
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The German Laender (42) priced its first trade of2013 on Thursday, plumping for a 10 year benchmark. The deal hit full subscription despite bankers away from the deal calling the pricing tight. The State of Thuringia is now considering a 10 year trade, according to syndicate official.
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The Autonomous Community of Madrid’s decision to complete all of its 2013 funding in one fell swoop on Wednesday may have left it with a higher than necessary cost of funding, warned bankers on Thursday. With the rally in the eurozone periphery showing no signs of abating, a more staggered approach to funding could have saved the issuer precious basis points.
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The Autonomous Community of Madrid followed hot on the heels of Spain’s 10 year, which was priced Tuesday, with a five year benchmark and a hefty private placement.
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The German state of Hessen priced a 10 year benchmark on Monday to open its annual funding task.
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Auckland Council, the public authority that administers the most populous region in New Zealand, which sold its first Swiss franc bond on Monday, has been looking at opportunities for foreign currency issuance in response to a saturated domestic investor base and also to up its long-dated funding.