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Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
◆ Half-year close keeps some issuers on sidelines ◆ Bankers expect big euro supply to come ◆ More concession on pricing could be required
A Kilt will pay a spread over Gilts it cannot justify on credit, which makes it a political gesture rather than a funding tool
Guillaume Pichard, assistant deputy minister, on the five year call, the repo boost and the cost versus home
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The European Central Bank (ECB) on Thursday announced plans to expand its list of eligible instruments for collateral. One effect of the expansion could be an increase in the number of investors that can buy non-euro denominated SSA paper.
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The Spanish regions of Valenica and Murcia have requested a bigger bailout from Spain’s central government than expected. Spain’s problems are only escalating as Moody’s is expected to downgrade the sovereign to junk status which could further push the country’s borrowing costs.
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Catalonia, the Spanish region worth 20% of the country’s economy, asked the central government on Tuesday for financial aid. A bail-out will strain Spain’s coffers further and is likely to deter more investors from wanting to buy its debt, bringing Spain closer to the prospect of an EU bail-out.
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The Province of Manitoba issued on Wednesday its third dollar global deal this year. Lead bankers are expecting to price through initial guidance later in the afternoon with the book well oversubscribed.
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The Province of Alberta sold a 10 year Canadian dollar bond on Thursday, picking a window without competing supply ahead of an expected deluge of SSA and corporate issuance in September.
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The Canton of Neuenburg took advantage of a dearth of primary supply to print its first bond in two years on Wednesday. Demand was such that the issuer priced 2bp inside the initial range of price guidance.