German Sovereign
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Three European agencies and a Washington supranational tapped 10 year Australian dollar bonds this week, as the demand for long end Kangaroo paper remains healthy. -
NRW.Bank brought a large sterling bond this week that was more than doubly subscribed, in what was a “great outcome”, according to bankers away from the trade. The deal came as the UK Debt Management Office picked the tenor for its next syndication.
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NRW.Bank is set to return to the sterling market on Tuesday, coming on the heels of a tap from the Council of Europe Development Bank.
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A pair of public sector borrowers launched trades in the socially responsible investment (SRI) market this week, taking advantage of the dearth of green supply to land prices well inside their conventional curves.
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KfW tapped its July 2020 Australian dollar green bond for A$200m ($156.9m) on Wednesday, pricing well inside its existing Kangaroo curve — an illustration of the developing maturity of green markets down under.
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The Federal State of North Rhine-Westphalia came to market for its longest ever bond on Thursday, raising €1bn with a 40 year transaction in a market that “just can’t get any hotter”, according to a banker at one of the leads.
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The Joint Laender printed €1bn of 10 year paper on Tuesday, filling the book unusually quickly for a Laender deal. The deal was joined in the market by a European Union (EU) tap of an April 2031 line.
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The European Union (EU) is set to tap an April 2031 line on Wednesday, coming on the heels of KfW five year benchmark on Tuesday, that raised €3bn.
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Agencies from the Netherlands, France and Germany are set to come to market on Tuesday for short dated dollar deals.
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KfW hit screens on Monday, mandating three banks for a five year euro transaction.
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While the dollar market produced one of its strongest deals of the year on Wednesday, another deal enjoyed markedly less success on the day, indicating that investors’ tolerance for tight levels may be becoming stretched.
