German Sovereign
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KfW took advantage of the stable market backdrop to issue a new €4bn seven year euro benchmark on Tuesday, but some bankers not on the mandate questioned the degree of interest in the trade. -
Finland and KfW received strong investor demand for the first sizeable deals in the euro public sector market following the summer.
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FMS Wertmanagement will join the seven year sterling rush after mandating banks on Friday for a new benchmark trade.
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The Federal State of Berlin’s new 20 year bond on Tuesday was almost three times oversubscribed, as investors took advantage of the hefty pick up over Bunds.
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Concerns over the upcoming budget from Italy’s populist government — as well as the months’ long economic crisis in Turkey — took its toll on government bond yields in the eurozone periphery this week. But a hunt for safe assets among investors did play into the hands of top tier credits.
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KfW received solid demand for its €1bn global June 2020 benchmark tap on Tuesday, as investors lapped up the rising swap spreads caused by political tensions in Italy and economic crisis Turkey, and looked for safe assets.
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NRW.Bank has promoted Besnik Berisha to be its new head of funding, with a focus on long term debt.
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The Bank of England on Thursday raised its base rate by 25bp to 0.75%, a move that was widely expected and one that brought next to no market reaction — keeping conditions calm for what could be a record year for SSA sterling issuance. L-Bank added to that tally on the same day with a deal that came 25% above its initial size target.
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The State of North Rhine-Westphalia’s decision to tap into a glut of long end euro demand won the praise of BondMarker voters, as it fell just short of an average score of 8.0.
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