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◆ Rarity helped the 10 year deal ◆ Spread over KfW estimated ◆ Upside demand as order book grows
Funding director Jason Lewis and portfolio manager Greg Horan reflect on biggest ever Canadian provincial bond
An public sector issuer breaking a record with a deal this week became so common a claim it began to sound like, well, a broken record. But questions remain about how robust demand really is
Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
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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. -
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.
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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.
