German Sovereign
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Germany’s general election has put the Green party in a strong position to push for bolder policies on sustainability, and possibly to gain control of the energy ministry. -
The European Investment Bank shrugged off any concerns over the divisions between the governments of Spain and Catalonia and the skinny spreads on offer, printing $3bn at one of the tightest spreads of the year.
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The European Investment Bank (EIB) and the German State of North Rhein-Westphalia (Land NRW) have picked banks for dollar benchmarks expected to hit the market on Wednesday.
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FMS Wertmanagement has announced that it will come to market for a sterling bond on Tuesday, hoping to follow Export Development Canada’s success last week.
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KfW has sold Europe’s first blockchain-based bond, although a quirk of German law meant the transaction had to be replicated on paper. While the bond was instantly settled, those involved say a crucial component is missing if this technology is to become part of capital markets’ infrastructure: a cash settlement facility on a distributed ledger.
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Eurex, the derivatives exchange of Deutsche Börse, will start offering BTP options on October 2.
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Public sector borrowers this week smashed through their conventional curves with green bond issues. But there was some debate over whether this marks the start of a trend or is merely the product of scorching conditions in both the euro and dollar markets.
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KfW has punched through its conventional curve with a dollar green bond that left bankers away from the trade a similar colour of envy. More SRI supply is on the way, after the European Bank for Reconstruction and Development hit screens for Thursday’s business.
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KfW has entered the Blockchain race, after simulating a trade in real time using distributed ledger technology, the agency said on Monday.
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A slightly more hawkish than expected US Federal Open Market Committee meeting mid-week has nudged up US Treasury yields — bringing 10 year dollar issuance nearly within SSAs’ reach, said bankers. But in the meantime, SSA bankers are looking at the dollar pipeline with dismay.
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L-Bank has snuck in at the last possible moment before the end of a crucial US Federal Reserve meeting to raise $500m with a comfortably oversubscribed floater.
