German Sovereign
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Social commercial paper could be on its way to the SSA market, with several issuers telling GlobalCapital that investors are interested in the product. However, some are sceptical that themed debt will work in CP format. -
Guarantor: Federal State of North Rhine‑Westphalia
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KfW has slashed €10bn from its 2020 funding requirement, and will spend much of the second half of the year focusing on dollars and on green bond issuance.
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NRW.Bank’s inaugural social bond sparked a flurry of 15 year trades this week as a flattening French curve and the positive yields on offer helped spur on demand, with three issuers opting to follow the German agency’s successful trip to the maturity on Wednesday.
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NRW.Bank signalled to the market that there is demand at 15 years with its inaugural social bond on Tuesday. Following the deal two other European issuers, Bank Nederlandse Gemeenten and Portugal, mandated for deals of their own in the tenor.
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The Finanzagentur has adjusted its issuance schedule for the third quarter of 2020, and has announced its plans for its first ever green deal.
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Two more bankers have ditched NordLB to take on DCM roles at Helaba, as the firm looks to expand its covered bond business.
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NRW.Bank has mandated banks to arrange a series of virtual fixed income meetings as it looks to present its new social bond framework to investors ahead of a debut deal in the format.
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The European Investment Bank and the State of Brandenburg have mandated banks to bring euro deals on Thursday, in what has been an extremely thin week for supply with issuers well funded and some weakness in secondaries.
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Sovereign, supranational and agency bond issuers are mobilising their resources to support the fight against Covid-19. The below table details the bonds they have issued, specifically in response to the coronavirus pandemic.
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Dr Jörg Kukies, State Secretary for Financial Market Policy and European Policy at the German Federal Ministry of Finance, speaks to GlobalCapital’s Managing Editor, Toby Fildes, on Covid-19, European policy and Germany’s financial markets.
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