German Sovereign
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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. -
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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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.
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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.
