German Sovereign
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Eurozone public sector bond prices were largely unmoved late on Monday afternoon, despite talks to form a coalition government in Germany collapsing in the small hours of the morning. -
The social bond market — though still nascent — is rapidly gaining momentum. Three public sector issuers made their debuts in the market this week, all of which met with enthusiastic approval from Europe’s community of dedicated socially responsible investors.
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BayernLabo will on Tuesday enter the socially responsible investment market for the first time, selling a social bond — the first of three expected in the near future.
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Dollar deals large and small across the curve from SSA issuers rare and frequent pounded on screens through this week but despite the supply pressure, not one cracked. Conditions are so strong that some SSA bankers believe borrowers should look to pre-fund for next year — although they admit they might have a hard time convincing the sell side.
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KommuneKredit and Erste Abwicklungsanstalt rounded out this week’s dollar issuance in what has become typical fashion for trades over the last few days — oversubscribed books and tightened pricing. But KommuneKredit’s deal featured a novel aspect that SSA bankers hope other issuers will embrace.
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The SSA dollar juggernaut is set to roll into a third day, with two deals on screens for Thursday’s business. Investor appetite shows no sign of letting up, as the two deals priced on Wednesday drew large books — as was seen with a host of trades a day earlier.
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Public sector borrowers have crammed more dollar deals into Tuesday than are sometimes seen in a week. But far from suffering from too much choice, investors gobbled up everything on offer — and bankers expect them to do just the same for two deals on Wednesday’s menu.
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Rentenbank will tap a resurgent long end dollar market on Tuesday, alongside a rare appearance in the currency from the Canadian sovereign in fives and a French agency in threes. This is only the second time in nearly two and a half years that issuers have peppered the whole of the dollar curve on the same day.
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