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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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Norway’s Kommunalbanken (KBN) sold a $1.25bn five year note on Wednesday, having started out with a $1bn no grow trade. The issuer faced overwhelming demand from investors and said the deal has re-priced its dollar curve. That spurred two more borrowers into mandating deals.
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Tight swap spreads ticked even tighter on Friday, a day after the Federal Reserve unveiled QE3. The swap will make it hard for sub-Libor issuers to offer an attractive spread over Treasuries.
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The European Central Bank (ECB) on Thursday announced plans to expand its list of eligible instruments for collateral. One effect of the expansion could be an increase in the number of investors that can buy non-euro denominated SSA paper.
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The Spanish regions of Valenica and Murcia have requested a bigger bailout from Spain’s central government than expected. Spain’s problems are only escalating as Moody’s is expected to downgrade the sovereign to junk status which could further push the country’s borrowing costs.
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Catalonia, the Spanish region worth 20% of the country’s economy, asked the central government on Tuesday for financial aid. A bail-out will strain Spain’s coffers further and is likely to deter more investors from wanting to buy its debt, bringing Spain closer to the prospect of an EU bail-out.
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The Province of Manitoba issued on Wednesday its third dollar global deal this year. Lead bankers are expecting to price through initial guidance later in the afternoon with the book well oversubscribed.