German Sovereign
-
A pair of European agencies placed taps at the long end of the Kangaroo curve this week, printing at the nine and 12 year points. Yields on these notes have fallen compared to previous taps, as the Kangaroo market feels the effects of a global bond rally. -
-
Demand for the Republic of Finland’s latest bond was high on Wednesday as it printed through the ECB deposit rate to sell “the most expensive syndication of all time”, according to a banker on the deal. The five year note came 29.9bp richer than Austria’s previous record holding deal, another five year note sold in June.
-
KfW brought its revamped green framework to the Norwegian krone market to print a deal on Tuesday. Later that week, strong demand from domestic and international investors let the issuer increase the note to a record breaking size, printing the largest Nokkie green bond across any asset class.
-
Investors showed resistance to Germany's first ever 30 year bond sale without a coupon on Wednesday, as the total bids fell below the size of the trade. However, some analysts said the trade offered good value, with yields set to fall further as the European Central Bank prepares to inject fresh stimulus into the eurozone.
-
Volumes are growing across the spectrum in the Scandinavian MTN markets, as issuers and bankers return from their summer holidays. Meanwhile, bankers are expecting Scandinavian investors to move further out along the credit curve in response to negative yields as dovish Nordic central bank tones could lead to a bullish Scandinavian market.
-
German agency KfW is “open to further business in [both] Singapore and Hong Kong dollars” as it looks to expand its recently updated green framework. Last week, the agency made its green bond debut in Hong Kong dollars, placing a two year private placement on August 2.
-
-
FMS Wertmanagement has made an internal appointment for the new head of its treasury, following the departure of Tim Armbruster in July.
-
Analysts at Danske Bank have said that Moody's could raise Portugal's credit rating this week even, amid signs of a weakening European economy. Such a move would have a knock-on impact for the country's banking industry, which has shown clear progress in improving its asset quality.
-
The World Bank placed its first Hong Kong dollar deal of its 2019/2020 funding year last week. The supranational chose to link the private placement to the Hibor benchmark, a now little seen structure that was likely the result of a "very specific enquiry", according to one MTN banker away from the deal.
-
