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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 State of North-Rhine Westphalia (NRW) opened a new five year line in Norwegian krone on Tuesday to refinance a maturing bond. Meanwhile, Nederlandse Waterschapsbank (NWB) sold a tap of its 3.375% April 2017s, taking advantage of its rarity in this market to capture investor attention. -
The State of North-Rhine Westphalia sold a €500m September 2018 note on Thursday, taking advantage of strong domestic bid for the name.
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The City of Stockholm sold its largest dollar CP trade on Tuesday after expanding its dollar commercial paper programme on March 2.
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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.
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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.
