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◆ No book update for €500m no-grow deal ◆ Surprising lack of demand for defensive trade ◆ Investors continue to cherry pick in big week for supply
◆ Spread to Land Hessen key to pricing ◆ Leads thought long and hard on whether to tighten ◆ 1bp move the right amount as book grew
◆ Three German states brought a new Joint Länder bond ◆ No book update, KfW curve guides pricing ◆ Flemish Community prints new 15 year
Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
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How 2013 will pan out in the capital markets is too tough to call. At the end of last year there were plenty of doom merchants predicting all sorts of disasters. There was justification for it and some things did go badly — especially at UBS. But plenty went right from the bumper first quarter, to many more blowout deals than dogs and with most issuers able to wrap up early for the year.
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Natixis lead managed a deal for the Spanish region of Aragon on Tuesday. The deal is the latest in a recent spate of Spanish regional issuance.
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Introducing floating net asset values as standard could be one way of tackling the low rate environment which has been causing headaches for money market funds, according to fund managers in Europe. Many US managers still oppose the move, however.
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Spanish regions raised €35m of funding through privately placed taps this week but dealers were wary of calling the start of a trend as concerns linger over Spanish issuers.
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The City of Malmö is broadening its funding activities to take advantage of its triple-A status, but is still exasperated at the pick-up investors demand over its sovereign.
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The State of North-Rhine Westphalia priced a tap of a May 2016 sterling floater on Monday afternoon in line with its secondary levels.