German Sovereign
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The Inter-American Development Bank provided further proof on Wednesday that there is deep demand at the five year part of the dollar curve — but another supranational is stepping up to test the long end of the currency for the first time this year. -
The euro market is providing borrowers with superb execution — KfW gathered its largest ever book for a 10 year on Tuesday — but investors are requiring healthy new issue concessions in order to commit.
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KfW and Dexia Crédit Local are first out the blocks in what looks set to be a busy euro market for public sector borrowers this week.
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The sterling market had a healthy opening week in the public sector with three deals raising a combined £1.9bn, and there is plenty more in the pipeline, according to syndicate bankers.
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A pair of public sector borrowers blew away the cobwebs in the sterling market on Wednesday, printing a combined £1.5bn.
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Ireland is set to become the first SSA borrower of 2018 to print a syndicated bond, picking banks for a benchmark deal to be sold on Wednesday. The German state of Lower Saxony will also come to market on Wednesday.
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Germany has announced its funding target for 2018, reducing its long term fixed-income target by €5bn from its 2017 number but aiming for a total, including short term instruments, of €183bn — up from €172bn in 2017.
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KfW has a slightly smaller funding target next year than for 2017, it said on Monday, as it looked to capitalise on investors’ desire for large, liquid bonds.
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The City of Vienna’s long-dated loans are three times subscribed three weeks into the marketing process. As investor appetite grows for longer-dated maturities, corporates are beginning to find luck with the product.
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The City of Vienna’s loans are three times subscribed three weeks into the marketing process, as investor appetite grows for longer-dated maturities.
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Land NRW hit screens with a five year benchmark this week, as hopes grew that a coalition government at the federal level could be formed in Germany, following weeks of talks. GlobalCapital examines the BondMarker scores for deals in the weeks leading up to Germany’s federal election — held on September 24 — and in its messy aftermath.
