Deutsche Bank
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Public sector borrowers will enjoy sparkling conditions in the dollar market in the coming weeks if they choose to fund in the currency, said SSA bankers, with demand far outstripping supply. But candidates look hard to find after a handful of deals this week, with euros still offering better all-in pricing levels. -
Investor appetite remains strong for longer dated euro SSA bonds, encouraging the likes of EFSF and KfW to tap the long-end of the curve this week. But the question is: will the demand last, and for how long?
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After three sterling bonds this week from the eurozone, the cross-border issuance in the currency reached its highest ever year-to-date level, according to Dealogic.
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The euro high yield bond pipeline brought five deals to the market this week, as secondary yield spreads and payoff expectations tightened, partially reversing recent trends.
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In a sign of warming relations between China and Germany, regulators in China gave Deutsche Bank the licence to underwrite corporate bonds in the interbank market. But the bank has its sights set on a bigger prize — the right to joint lead underwrite Panda bonds for corporate issuers.
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The Nordic Investment Bank is set to bring a dollar benchmark in the five year part of the curve, a tenor that has come back into fashion for public sector borrowers — including from the European Investment Bank on Tuesday. That is despite most secondary flows coming in shorter maturities, according to SSA bankers.
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German property company Aroundtown raised funding in a fifth different currency of 2018 on Wednesday, when it saw an opportunity to issue corporate bonds more cheaply in sterling than in euros.
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In a sign of warming relations between China and Germany, Chinese authorities said they would let Deutsche Bank underwrite corporate bonds in the interbank market. The bank is hoping to grab two different types of underwriting licences, GlobalRMB has learned.
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KfW on Monday priced a tap of its recent 15 year euro bond in line with guidance, doubling the overall deal size to €2bn.
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The European Investment Bank is set to bring the first five year dollar benchmark from an SSA in nearly three weeks — and only the third since the first quarter — after mandating banks on Monday. The issuer will be joined by a triple tranche trade from the Japan Bank for International Cooperation.
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The corporate bond market started the week slowly with a pair of well rated German corporates selling two year floating rate notes on Monday. Both had just a sole lead manager.
