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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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The Free State of Bavaria enjoyed a strong reception from investors as it returned to the capital markets on Monday for the first time since 2014 to fund a Covid-19 fiscal package by the Bavarian government. -
The State of North Rhine Westphalia (Land NRW) had to pay a large new issue premium on Thursday as it brought the first SSA deal of a volatile week.
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The Belgian region of Wallonia has decided to conduct the investor marketing for its euro sustainability benchmark solely over the phone rather than by attending meetings as the Covid-19 pandemic worsens.
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Lancashire County Council raised £350m ($453.5m) of five year cash on Thursday through the UK Municipal Bonds Agency platform. It is the first local authority to do so since the MBA was set up.
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Two German states rebooted the primary SSA market on Tuesday with intraday deals at the opposite ends of the euro curve. The five year deal was almost two times covered but there were no book updates for the 15 year.
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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 2. The source for secondary trading levels is ICE Data Services.
