Germany in the news

  • Land NRW USD1.5bn 1.625% Jul 19

    • 20 Jul 2017
  • Premiums ‘thing of the past’ for dollar SSAs

    Public sector issuers are enjoying a rare time in dollars, with a lack of supply and strong demand allowing tightly priced short end deals — leading one syndicate official to respond to a question on pricing concessions with: “New issue what?” But hopes of longer end issuance appear dashed as US yields fall as quickly as expectations that US president Donald Trump will deliver on his pro-growth policies.

    • 20 Jul 2017
  • KfW lands €1bn ahead of ECB meeting

    KfW printed a €1bn tap of a July 2022 line on Wednesday, sneaking in a deal ahead of the European Central Bank meeting on Thursday.

    • 19 Jul 2017
  • Sweden goes tight in dollars as Alberta lines up

    Sweden on Tuesday printed a dollar benchmark at one of the tightest spreads to mid-swaps from a public sector issuer this year, as a Canadian province prepared to bring a deal in the currency further out the curve.

    • 18 Jul 2017
  • Sweden and Land NRW bring dollar supply to hungry investors

    A pair of public sector issuers look set to benefit from supply-starved dollar investors, after mandating on Monday for deals at the very short end of the curve.

    • 17 Jul 2017
  • KfW EUR1bn 1.125% Sep 32

    • 13 Jul 2017
  • EFSF to enter hot euro market, Greece too?

    The European Financial Stability Facility is set to enjoy enviable conditions when it comes to the euro market next week — during which the Greek sovereign could also make an appearance. Demand at the long end has been particularly strong due to a yield spike last week, which KfW and SCNF Réseau have since taken advantage of.

    • 13 Jul 2017
  • PPs providing long euros and FRNs

    The private placement market is proving its worth at the long end in euros and with dollar floaters, helping issuers make the most of excellent conditions.

    • 13 Jul 2017
  • SNCF Réseau and KfW snap up big bid at euro long end

    SNCF Réseau launched its first 30 year green bond on Tuesday, following the example set by European Investment Bank at the end of June. KfW was also out in euros with a long 15 year — and more borrowers might be tempted to bring euro deals at the long end, said bankers.

    • 11 Jul 2017
  • SSAs go long as euro govvie storm calms

    Respite from a two week old rout in eurozone government bond yields allowed two public sector borrowers on Monday to venture out with mandates for long dated euro deals. But analysts warned that the sovereign bond sell-off could have more room left to run.

    • 10 Jul 2017
  • KfW EUR5bn 0.125% Oct 24

    • 29 Jun 2017
  • EFSF next up in red hot euro market

    The euro market showed its strength for SSA borrowers this week, as Agence Française de Développement succeeded in bringing a deal after requesting a change in its banking licence and KfW kept up its record of raising €5bn with every euro benchmark this year despite a volatile backdrop.

    • 29 Jun 2017
  • Euros on fire as Spain and KfW go large, AFD and EFSF line up

    Euro conditions are excellent for public sector borrowers, with Spain pulling in a nearly €30bn book for an €8bn 10 year — which bankers away from the trade said indicated a high presence of quality investors — and KfW raising €5bn after picking a seven year deal over a shorter tenor. Another pair of issuers are now looking to take advantage.

    • 27 Jun 2017
  • Five borrowers hop long with Kangaroo taps

    Four European agencies, and a New Zealand sub-sovereign found funds in the Kangaroo market this week. Nederlandse Waterschapsbank (NWB) on Tuesday priced a 10 year tap of a Kangaroo bond some 10bp tighter than where the original issue priced in January. Bankers said the pricing was an indication of the sheer levels of demand for long dated Kangaroo paper.

    • 27 Jun 2017
  • Spain and KfW mandate as big borrowers return

    The euro market for public sector borrowers looks set to kick back into action after a quiet last week, with a pair of big borrowers mandating for trades to come on Tuesday.

    • 26 Jun 2017

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Citi 14,891.10 17 9.46%
2 Barclays 12,759.91 17 8.11%
3 HSBC 12,732.87 18 8.09%
4 BNP Paribas 12,133.14 16 7.71%
5 JPMorgan 10,382.02 14 6.60%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Citi 33,810.56 82 12.15%
2 JPMorgan 30,730.06 80 11.05%
3 HSBC 21,125.88 53 7.59%
4 Bank of America Merrill Lynch 20,817.31 63 7.48%
5 Deutsche Bank 19,672.75 44 7.07%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 HSBC 26,261.47 79 7.41%
2 Barclays 25,367.48 60 7.15%
3 BNP Paribas 25,241.18 48 7.12%
4 UniCredit 25,109.75 69 7.08%
5 JPMorgan 25,047.63 70 7.06%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Citi 64,707.03 216 7.61%
2 JPMorgan 64,103.16 349 7.54%
3 HSBC 54,776.10 208 6.44%
4 Barclays 49,173.78 145 5.78%
5 Deutsche Bank 45,614.64 170 5.37%