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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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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. -
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.
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Département de L’Essonne sold a 10 year €25m note through Natixis on Tuesday. The note was priced at par and pays a coupon of 4%. It was sold to an institutional investor.
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The euro SSA sector is becalmed by the pending debt disaster that is Greece and seemingly focused on LTRO-type transactions for Germany and domestically tailored product for France. A resolution to Greece’s debt mountain cannot be far away as Greece has a €14.5bn Eurobond redemption to meet on March 20 but there was still some – albeit specialised – new issue activity on Monday.
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Domestic hunger for a pick-up over Spanish government bonds prompted the Chartered Community of Navarre to sell its first MTN in seven months. The issuer printed on Thursday, a three year at 100bp over Bonos.
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The attempts of German Länder to extend the duration of their funding is being hampered by investors’ refusal to entertain longer-dated investments as they look for a home for their LTRO cash.
