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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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The City of Örebro sold its first medium term note of 2012 this week — and second ever — as Swedish municipalities look set to hike their funding through private placements because the state has decided to halt a cash stimulus programme announced in 2009. -
City of Gothenburg is hoping that Swedish investors will begin to reference it over Swedish government bonds rather than domestic bank covered bonds as it looks to focus on short to medium term MTNs this year and gain more advantageous pricing.
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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.
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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.
