German Sovereign
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Issuer has completed two-thirds of its funding for the year
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As 'greeniums' on public sector bonds are now hard to define, issuers are focusing on other advantages
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SSAs look increasingly expensive versus government benchmarks, raising the question of when investors will stop buying
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“Pretty much fair value pricing” for triple-A rated sovereign
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Well-funded SSA issuers take their time, but weak secondary performance worries bankers
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EIB to test 15 year demand as agencies eye euros and dollars
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Sovereign cuts issuance by €60bn but market readies for another year of hefty SSA issuance
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More benchmarks of €1bn are planned for the year ahead
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Germany faces funding shortfall for 2024 but problem extends beyond Bunds to agencies and Länder
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The sovereign also expects to add a new point to its green bond curve
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Window opens up for sovereign as SSAs clear out for central banks and CPI
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… as long as it’s for the right price
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The issuer launches a long-end deal that beat expectations
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The sovereign plans to add to an existing 30 year benchmark
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EU built a robust book but Germany drew a more tepid response
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European sovereigns in good fiscal position to provide finance through energy crisis
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Shrinking greenium in secondary spills over to primary market
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The sovereign led a primary deal flurry on Wednesday with a ‘fairly priced’ green outing
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Sovereign to offer ‘what the market wants’ with upcoming deal
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The tightening is unlikely to be sustainable, says analyst
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Central bank staff comments slashes hope that bank will step in to stop sell-off
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Dovish bias expected in first meeting since Russia invaded Ukraine
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Sovereign cruises through difficult week in the markets
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Germany, Rentenbank and EIB mandate for deals despite Ukraine invasion shockwaves
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European syndicates confident yen will return as ECB eases off buying
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Once practically guaranteed, demand for green bonds is becoming fickle
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Lack of upcoming syndications and arrival of EU to green bond market affect result of Bund auction
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Sovereigns to test appetite for supply at longest points of their curves
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KfW cut a lone figure in the quiet summer bond market on Wednesday, launching a tap of a 2030 line and securing a well subscribed book.
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KfW is marketing a tap of a green Kangaroo in the short end of the curve in what will be the third deal from a public sector borrower in the Australasian bond markets this week.
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Guarantor: Federal State of North Rhine-Westphalia
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KfW has had a strong start to 2021, raising over €50bn in the first six months of the year — around two thirds of its target. The agency will face new challenges in the latter half of the year, particularly in the form of the European Union’s colossal Next Generation funding programme. But treasurer Tim Armbruster, and head of capital markets Petra Wehlert are confident they can navigate the new landscape.
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KfW braved a volatile rates backdrop to reopen the primary dollar public sector bond market on Wednesday. Dexia Credit Local is looking to follow with a deal in the same currency and tenor on Thursday.
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KfW is coming to the market with a three year dollar benchmark offering, breaking the recent lull in dollar-denominated SSAs, which have endured a few weeks of slack supply with only a handful of deals hitting the market in June.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of busiess on Monday, July 5. The source for secondary trading levels is ICE Data Services.