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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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Collectivites Territoriales de France — a collection of French sub-sovereigns issuing under a joint name — brought its second ever trade on Friday afternoon. Borrowing as a group, the sub-sovereigns were able to cut down their borrowing costs and the success of the deal suggests that other French administrative regions may look to a similar model for the future.
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The Province of Ontario will price a $2.25bn five year dollar global bond on Thursday afternoon at the mid-swaps plus 25bp level which has been the guidance throughout the process.
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The Province of Ontario has mandated banks for a five year global in the wake of Tuesday’s British Columbia 10 year dollar global — its largest ever in the maturity. The BC deal was priced inside its curve offering further proof of the strong appetite for top rated credits in the dollar market.
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State of North-Rhine Westphalia is in the mood for a potential benchmark later in October after printing a pair of issues totalling €1.5bn this week.
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State of Baden-Württemberg priced a €500m eight year floating rate note on Thursday morning — half the size it had been discussing with banks earlier this week. Push back over pricing meant the issuer decided to go for a smaller trade to get the level it had been targeting and there was no evidence that even that smaller size achieved full subscription.
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The State of Baden-Württemberg is looking to mandate banks for a €1bn floater this week, SSA Markets understands. But the borrower’s hopes of a deal may have been inadvertently scuppered by compatriot agency, KfW.