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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 euro pipeline for SSA issuers this week has filled rapidly, following what appears to be a well received 30 year from the EU which will price later on Monday and tentative market reopening steps by the European Financial Stability Facility and Bank Nederlandse Gemeenten last week. -
Sovereign, supranational and agency issuance planning for 2012 lay in tatters after last week’s Eurogroup summit left issuers and their advisors riddled with uncertainty. Although funding volumes are known, plans of campaign are limited to taking a wait-and-see approach as issuers face up to increased scrutiny, wider spreads and smaller deal sizes.
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The new issues market for sovereign, supranational and agency borrowers could be wrecked in 2012 unless dealers can find a way to mitigate changes to bank regulations that are crushing the business model.
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Borrowers and their dealers are increasingly nervous about issuance in the first quarter of 2012 as faith in the ability of the European policymakers to reach an accord before the traditionally busy opening in January diminished ahead of the summit on Thursday.
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The Greater London Authority (GLA) could launch a debut sterling benchmark as early as Friday (July 1), SSA Markets understands. The borrower spent three days this week meeting investors in Edinburgh and London.
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Land NRW closed books for a Eu1bn 10 year benchmark on Thursday morning with around Eu1.2bn of orders.
