German Sovereign
-
-
Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
-
The sterling market for public sector borrowers is enjoying its best ever start to a year thanks to superlative conditions, Sonia linked debuts and a UK parliamentary vote on Brexit next week. -
The public sector euro market’s thundering start to the year stayed noisy on Thursday as a quartet of smaller issuers from across the continent printed oversubscribed deals.
-
Sterling issuance from non-UK public sector borrowers has made by far its strongest ever start to a calendar year, with borrowers and bankers citing liquidity-laden investors and a crucial parliamentary vote on Brexit next week as factors behind the rush. Council of Europe Development Bank (CEB) and FMS Wertmanagement added to the feast on Thursday, while Inter-American Development Bank will bring yet another trade this Friday.
-
Belgium and KfW received well oversubscribed order books for 10 year euro benchmarks on Tuesday, with several public sector borrowers set to follow in the euro market this week.
-
FMS Wertmanagement was quick to execute its inaugural Sonia-linked bond on Monday amid strong sterling floater demand. That hunger is showing no signs of abating, with International Finance Corporation looking to follow with its own debut Sonia bond on Tuesday.
-
The European Financial Stability Facility rebooted the euro public sector market on Monday with an intraday execution ahead of what SSA bankers expect to be a busy week for supply. Belgium and KfW are already on screens for benchmark trades in the 10 year part of the curve.
-
KfW has appointed a senior funding manager to its new issues team in Frankfurt, with responsibility for sterling and dollar deals.
-
-
Germany has increased its funding target next year to the highest level since 2014 in order to partially refinance maturing debt from its winding-up agency, FMS Wertmanagement, for the first time, the sovereign announced on Tuesday.
-
KfW will look to begin its benchmark funding earlier than normal in the new year, amid expected volatile market conditions.
