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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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The Province of Ontario is set to price a $1.25bn seven year global bond this afternoon at 44bp over mid-swaps, 1bp inside initial guidance.
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Norway’s Kommunalbanken (KBN) sold a $1.25bn five year note on Wednesday, having started out with a $1bn no grow trade. The issuer faced overwhelming demand from investors and said the deal has re-priced its dollar curve. That spurred two more borrowers into mandating deals.
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Tight swap spreads ticked even tighter on Friday, a day after the Federal Reserve unveiled QE3. The swap will make it hard for sub-Libor issuers to offer an attractive spread over Treasuries.
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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.