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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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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. -
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.
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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.
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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.
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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.
