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First batch of post-summer new issues flooded with demand, but will it last?
◆ Five year 'would have been simple option' ◆ Building on success of World Bank ◆ Swap spreads steady despite heavy issuance
◆ Final euro benchmark done at optimal time ◆ Spread to KfW was key, little NIP paid ◆ Investor work has 'really come into fruition'
◆ ADB prices flat to EIB ◆ Deal expected to be its last dollar benchmark this year ◆ British Columbia also jumps in, Québec next
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There was an ESG flavour to the majority of non-sovereign euro public sector trades this week, with a number of issuers setting new records with labelled deals. -
Switzerland's cantonal banks enjoyed an open window this week thanks to Pfandbriefzentrale's extended stint away from the market. Elsewhere, the Canton of Zurich was able to harness the lack of sub-sovereign supply to land at an aggressive level versus govvies.
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The State of North Rhine-Westphalia and the International Finance Facility for Immunisation attracted impressive demand in the dollar market on Wednesday, allowing them to print big deals in the currency.
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Four public sector borrowers sold intraday trades in the euro market on Monday with the European Financial Stability Facility making a dent in its second quarter funding and three other issuers receiving impressive demand for socially responsible deals under their updated frameworks.
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Three SSA borrowers were set to come to market for five year paper on Wednesday, with two targeting fixed rate benchmarks and the other a five year floater linked to the secured overnight financing rate.
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Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years.
