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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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City State of Hamburg sold a €500m 5.5 year new issue in little over an hour on Monday morning, outstripping dealers’ expectations for the trade.
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Instituto de Crédito Oficial (Ico) tapped its five year debt on Wednesday, seeing larger participation from international accounts than has been the case with its recent issuance.
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The German Laender took advantage of a dearth of euro supply on Friday to tap an October 2019 bond for €500m. Demand was such that the issuer could increase the deal’s size from the initial target despite pricing through its curve.
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The State of North-Rhine Westphalia was able to increase a four year floating rate note on Monday at the tight end of price guidance as strong international investor interest built an order book nearly double the targeted size.
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The State of Berlin raised €500m in two hours on Wednesday morning with a fully sold April 2018 floater that was priced flat to the issuer’s curve.
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Comunidad de Madrid will focus on privately placed deals during the rest of the year after having its fingers burned during an attempted syndicated tap on Tuesday, dealers close to the aborted deal have told SSA Markets.