German Sovereign
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KfW took home €5bn in the seven year part of the euro curve, which has been red hot for a few weeks, with bankers citing low second quarter supply as particularly supportive of conditions and suggesting there is plenty more interest for further trades in the tenor. The European Financial Stability Facility is lining up a deal for next week — although bankers are suggesting it looks at the long end. -
KfW is set to follow a trio of euro trades in the seven year part of the euro curve last week with an April 2025 benchmark of its own, after mandating banks on Tuesday. Strong conditions mean the deal should receive a warm welcome, said bankers.
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Hanover has become the first city to offer a green Schuldschein.
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Two SSA borrowers printed euro benchmarks on Thursday, rounding out one of the strongest weeks of issuance in the currency of the year.
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The two borrowers that closed out the first quarter with benchmarks have now been examined by the BondMarker voters.
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Sterling seemed to be the only game in town this week. Two SSA issuers printed in the currency on Wednesday, taking advantage of a favourable basis swap.
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Public sector borrowers are having to take a more cautious approach to their dollar issuance, as wide swap spreads and a disconnect between secondaries and primary clearing levels require a touch more concession. But while all agree on the treatment, there are differing views on how long the affliction will last, writes Craig McGlashan.
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KfW was set to price a $4bn three year global at the tight end of guidance with a comfortably oversubscribed book on Tuesday. But bankers said the concession offered was a sign of a changing pricing dynamic between issuers and investors.
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A single SSA benchmark is all bankers expect to emerge this week, as the market hunkers down to await the second quarter.
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New technologies are marching into the securities issuance process. This week came bids to shake up two very different kinds of private debt — traditional corporate Schuldscheine and funky structured notes.
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