German Sovereign
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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.
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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.
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KfW will look to begin its benchmark funding earlier than normal in the new year, amid expected volatile market conditions.
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KfW has ramped up its funding volume for next year to its highest level since 2011, the agency said on Tuesday.
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Frankfurt-based Eurex Clearing on Thursday announced that 24 firms had signed up to take advantage of its new partnership programme for repo market participants.
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The Federal State of Brandenburg was oversubscribed for its second ever euro benchmark in the 20 year part of the curve on Tuesday. The deal offered a 2bp concession, according to the leads.
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A dollar benchmark from Rentenbank scored comfortably higher than a euro trade from the European Financial Stability Facility in the latest BondMarker results. That is in keeping with a few weeks where the dollar market has been far more resilient than a wobbly euro sector.
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The Federal State of Brandenburg mandated banks on Monday for its second ever euro benchmark in the 20 year part of the curve, following its debut in the maturity in 2016.
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Secondary spreads in the euro public sector market have widened heavily across the curve with just over a month to go before the European Central Bank is expected to put an end to its Public Sector Purchase Programme. SSAs are also being affected by the political ructions from Italy, Brexit and the global trade war, said bankers.
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