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◆ Sovereign rides post-EU momentum, beats size target ◆ Deal priced flat to fair value ◆ Thuringia oversubscribed but Länder books shrink
French government vote and EU syndication to shape market in coming days
◆ Other recent German deals finished uncovered ◆ RV against KfW was important ◆ Some argue outcome 'not great'
◆ Third SSA in a week gets low demand ◆ Starting level 'seemed good approach' but fails to draw appetite ◆ Coupon level gives hope in secondary trading
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, April 6. The source for secondary trading levels is ICE Data Services. -
The State of North Rhine-Westphalia (Land NRW)’s borrowing programme for the year is on the up and could reach an all-time high in response to the region’s fiscal package to counter the impact of the coronavirus pandemic.
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Thursday’s market was heaving with SSAs printing euro deals, many of them opting for themed deals, some of which are specifically addressing the coronavirus outbreak, with bankers suggesting that these are enjoying the hottest demand.
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SSA borrowers are going to be scrambling for cash to meet expanded borrowing requirements as they finance the fight against the coronavirus and its effects, but a period of four weeks where the market was all but shut have left the run-rate slightly behind the last few years. Some dealers are finding more success than usual in the new conditions, while others are falling behind.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 30. The source for secondary trading levels is ICE Data Services.
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CPPIB Capital hit the euro market on Monday, becoming the first SSA borrower not eligible for QE to access the market since the coronavirus outbreak shuttered the market. A fellow Canadian is set to follow suit.
