German Sovereign
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Sterling issuance may be slowing down after its record start to the year, but investor demand shows no signs of cooling — as KfW proved with a tap on Monday that was nearly double its original target size. Any “bank treasury friendly” borrowers should find healthy demand if they follow in the currency, said bankers. -
Erste Abwicklungsanstalt (EAA) looks set to have the dollar market to itself on Tuesday with its first benchmark of the year, and is foregoing the price discovery process.
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New issue premiums almost seem to be a thing of the past in this week’s dollar market. As one head of SSA DCM put it: “the secondary market is just too cheap for primary”.
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L-Bank will go on the road to promote the first ever Reg S dollar benchmark priced over the dollar risk free rate, Sofr.
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L-Bank will go on the road to promote the first ever Reg S dollar benchmark priced over the dollar risk free rate Sofr.
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Rentenbank printed at a tight spread on Thursday with a 10 year euro benchmark, swelling the deal to €1.25bn.
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Rentenbank hit screens on Wednesday to announce a 10 year euro benchmark, joining a resurgence of long-dated euro supply.
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KfW returned to the euro market with a one day tap, joining France and Cyprus in the market and extending the its stellar run of new issues in euros.
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The UK’s future may be impossible to fathom as the beyond-satirical story of Brexit drags on, but public sector borrowers printing in the country’s currency can be certain that this will be a year of tumbling records, with volumes soaring and average sizes rocketing. While strong technical factors are behind much of the demand, some SSA bankers say that a willingness by issuers to treat execution in the currency like that in euros and dollars has bolstered sterling’s standing.
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KfW made a strong return to the Canadian dollar market on Thursday after 3.5 years away from the currency, as it tightened pricing on its comeback deal. The German agency came alongside a green bond in the currency from a Canadian province.
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