German Sovereign
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KfW broke new ground in the sterling bond market on Monday by bringing its largest ever benchmark in the currency. Kommunalbanken is looking to latch on to the red hot market too after picking banks to lead a new December 2024 trade. -
The Federal State of Lower Saxony sold the first euro public sector benchmark of 2020 with a well received 10 year deal on Thursday. Meanwhile, the European Investment Bank is keeping to tradition of beginning its benchmark funding for the year in sterling.
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Frank Czichowski, KfW’s treasurer for more than 15 years, will be retiring in 2020. KfW has announced that it will hire the former treasurer of another German agency as his replacement.
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The Swiss franc bond market has been able to withstand — just — the destructive forces of negative rates and yields and is looking forward to a new year in which green structures are set to blossom. Philip Moore reports
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Specialisation could define MTNs in 2020 as the market looks to differentiate itself from public markets where borrowers are easily executing large, cheap, liquid benchmarks. MTN dealers’ change of focus is shaking up the league tables. Frank Jackman reports
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KfW has announced a smaller borrowing programme for next year, joining a number of other public sector borrowers also set to borrow less in 2020.
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German banks have completed the first Schuldschein issue with an independent counterparty on the new Finledger blockchain platform. The entire transaction happened on a paperless basis.
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BlackRock is bearish on the prospects of the government bond market in 2020, thanks to the exhaustion of monetary policy as a means of generating growth. Instead, the world’s largest asset manager is looking to move deeper into riskier assets such as emerging markets where there is still room for further easing.
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GlobalCapital understands that Germany is finalising plans for the issuance of its debut green bond, which will be sold in the first half of next year alongside an ordinary Bund with the same maturity and coupon.
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Perhaps the last two public sector bond benchmark issues of the year hit screens in euros this week and, judging by their reception, the market is closing right on time.
