German Sovereign
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Germany is looking to issue more syndicated deals and green bonds next year to finance an even bigger funding programme as a result of the coronavirus pandemic. -
KfW plans on extending its euro benchmark bond curve by adding a new 15 year line in 2021 in response to increasing demand from investors for longer tenors.
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Christian Hardt has returned to NRW.Bank as a senior sustainable finance and environmental, social and governance specialist.
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This week's funding scorecard looks at the progress Europe's supranationals and agencies have made in their funding programmes as we approach the end of 2020, with most issuers also setting their funding targets for 2021.
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Saxony elected to bring a 15 year benchmark to market on Tuesday, launching the deal in an otherwise deserted primary market. The negative yield told against the deal, which was sold without being fully subscribed.
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Kommunalbanken, the financing agency for Norwegian municipalities, and L–Bank, the development bank for the State of Baden–Württemberg, built well covered order books as they brought what will likely be the SSA market’s final dollar benchmark deals of 2020.
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Kommunalbanken and L-Bank will each bring a dollar benchmark to the market on Tuesday, in what could be the final public SSA deals in the currency this year.
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KfW finished off this year’s funding programme with a €2bn green bond tap on Thursday, bringing the outstanding to €6bn and making it the largest ever non-sovereign green bond line.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies in mid-November. Joining the scorecard this week is the European Union, which launched its Support to Mitigate Unemployment Risks in an Emergency (SURE) programme in October.
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Germany found lacklustre demand for its second ever green bond on Wednesday. The sovereign had to contend with a big drop in Bund yields following uncertainty over the US election result.
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