German Sovereign
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Public sector borrowers are finding healthy seams of sterling funding in various tenors, as Council of Europe Development Bank lined up to follow a Wednesday trade by KfW — and there are rumours that more supranationals could consider deals in the currency. Attractive arbitrage levels and large redemptions are helping drive supply and demand respectively, said bankers. -
A pair of European agencies landed in euros on Tuesday, attracting huge books and tightening their spreads, indicating a promising backdrop for NRW.Bank’s green bond scheduled for Wednesday.
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A pair of public sector borrowers are set to bring their longest dated euro benchmarks in some time on Tuesday, as underlying rates for both issuers fell slightly on Monday.
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SSAs enjoyed soaring conditions in the sterling market this week after a summer lull, which bankers attributed to a big Gilt redemption and sterling’s weakening against other main currencies.
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Two of Europe’s biggest issuers are relaunching the sterling market in the wake of the summer lull this week — including one that more than doubled its initial target.
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Kommunalbanken will bring a dollar benchmark in a defensive tenor on Wednesday, which a banker on the deal said is the perfect product for investors amid rising geopolitical tensions. The trade also offers an attractive spread over US Treasuries, the banker added, despite a tightening in swap spreads — although other bankers said that tightening meant larger issuers should consider longer dated deals.
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The SSA market leapt into life this week with multiple benchmarks hitting screens. While the backdrop was supportive, the narrow pick-up offered over US Treasuries appeared to be stunting demand.
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As the SSA market returns to life, two big name borrowers produced trades at the short end of the curve that underwhelmed some onlookers, prompting some syndicate bankers to speculate that there may be more fertile pastures further out the curve.
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Two SSA borrowers printed dollar benchmarks on Wednesday, pulling off solid trades in spite of some investors put off by tight spreads.
