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Sub-sovereigns

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First Canadian province to visit euros in 2026
◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established
SSA
German sovereign goes for conventional over green as smaller peers join a crowded Tuesday
SSA
Primary market shows strength but pockets of weakness a reminder that ‘1bp could make all the difference’
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  • SSA
    Belgium is set to issue its first dollar bond since 2017 as euro funders continue to take advantage of the attractive funding conditions in the currency, with three other public sector borrowers also in the market for dollars.
  • The Province of Ontario raised $1.75bn with a rare seven year dollar benchmark on Thursday. The transaction shared the market with a five year from Japan Finance Organisation for Municipalitities.
  • The Canton of Geneva took its 2020 funding up to almost Sfr1.2bn ($1.2bn) this week with a triple tranche deal — the most it has funded in a single year since 2013, according to Dealogic. Elsewhere, an attractive basis for dollar funders led a pair of rare issuers to return to the market.
  • The Republic of Finland had to share its return to dollar market on Wednesday with a trio of three year SSA deals. Demand for dollar SSA bonds has been strong this week, and with mandates out for five and seven year deals,issuers are still looking to take advantage
  • SSA
    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, May 11. The source for secondary trading levels is ICE Data Services.
  • SSA
    Five public sector borrowers are marketing dollar bonds across the curve kicking off what it is expected to be a busy week in the currency.