German Sovereign
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A senior director in the capital markets funding team at a German agency has left to join UniCredit’s FIG team in Munich, GlobalCapital understands. -
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With yields compressed in the short end, bank treasuries are moving further along the SSA curve for bigger returns, creating a sweet spot in the 15-20 year segment.
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Germany saw strong demand this week for its first 10 year auction with a negative yield since May 2016, as investors pile into safe haven assets amid fears of a global slowdown in growth.
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Land Berlin saw orderbooks swell to around four times the size of its €500m no-grow trade on Tuesday, with leads saying the 15 year maturity is the sweet spot to attract bank treasuries.
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The State of North-Rhine Westphalia increased the size of its century bond through syndication again last Friday, having tapped the bond only three days before.
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The State of North Rhine Westphalia took centre stage in a quiet euro public sector market this week with a syndicated increase of its century bond.
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The State of North-Rhine Westphalia received a rapturous reception from investors for the syndicated reopening of its century bond on Tuesday, allowing it to print over five times the initial target size.
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The State of North-Rhine Westphalia sold its first century bond on Thursday via the private placement market, and is open to the possibility of bringing a syndicated deal in the tenor.
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The African Development Bank sold a 10 year benchmark in euros on Thursday that bankers said priced through fair value. Land Schleswig-Holstein was also in the market for the same tenor that extended its curve to 2029.
