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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 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. -
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.
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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.
