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First Canadian province to visit euros in 2026
◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established
German sovereign goes for conventional over green as smaller peers join a crowded Tuesday
Primary market shows strength but pockets of weakness a reminder that ‘1bp could make all the difference’
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The State of North-Rhine Westphalia (NRW) opened a new five year line in Norwegian krone on Tuesday to refinance a maturing bond. Meanwhile, Nederlandse Waterschapsbank (NWB) sold a tap of its 3.375% April 2017s, taking advantage of its rarity in this market to capture investor attention. -
The State of North-Rhine Westphalia sold a €500m September 2018 note on Thursday, taking advantage of strong domestic bid for the name.
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The City of Stockholm sold its largest dollar CP trade on Tuesday after expanding its dollar commercial paper programme on March 2.
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The Province of Manitoba was the only SSA issuer in the dollar market on Wednesday, printing a $600m five year transaction. Who will do the next trade is the problem facing the market as bankers decry the lack of issuers looking to print despite low interest rate, juicy basis swap arbitrage and an apparently enthusiastic buyer base. Export Development Canada (EDC) is rumoured seemingly every week but there is no sign of that deal going live as yet.
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German and French investors are pushing into longer maturities in an attempt to meet yield targets. Buyers are expressing interest in MTNs with maturities of over 15 years and some are beginning to lower yield targets as they adjust to ever tighter rates.
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The Autonomous Community of Aragon has launched its 2012 MTN funding effort with a long-dated note with a coupon of over 7%. The issue was sold into Spain as domestic investors looked for higher yields.
