German Sovereign

Greece's €1.5bn July 2017 from four weeks ago suffered a near 50bp widening versus Germany over the past week, as investors stormed into the eurozone core. But most safe haven assets like the World Bank's $1.75bn December 2016 from last week tightened against swaps and benchmarks.

Investors starved of paper from well-funded borrowers and the summer slowdown allowed the State of Berlin to increase a €100m 10 year print to €250m on Tuesday, following a €125m eight year from the sub-sovereign on Monday.

Banco Espírito Santo reported a €3.6bn loss this week, but the Portuguese soveriegn looks safe from contagion. Its $4.5bn October 2024 from four weeks ago has tightened versus swaps since pricing.

Two German states sold taps of euro denominated bonds late this week. Federal State of Hessen and the City State of Berlin drew attention from domestic accounts despite many investors slowing their buying because of the summer break.

This week's scorecard covers the funding progress of sovereign issuers, with all of the eurozone periphery comfortably ahead in their programmes despite some recent wobbles in secondaries.

The State of Baden-Wuerttemberg was able to print an increased benchmark at the tight end of guidance on Thursday, becoming the second German state to do so this week.

The European Financial Stability Facility surprised market participants on Tuesday with its choice of maturity for its upcoming benchmark, opting to sell a deal that matures in just one year. While some bankers away from the deal were baffled by the decision, syndicate managers were vigorous in their defence of the issuer’s choice.

The State of North-Rhine Westphalia returned to the Swiss franc market after an absence of more than three years on Monday, selling bonds at the long end of the curve. The deal found favour with investors on the hunt for high quality paper, despite coming at a double digit level through mid-swaps.

This week's scorecard covers the funding progress of sovereign issuers, with most issuers moving into the second half of their funding programmes. Next week's scorecard will deal with European supranationals and agencies.

Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

State of NRW crowned a week of dollar issuance with a return to fixed rate benchmark issuance in the currency after a near four year hiatus.