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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 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.
