German Sovereign
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A strong public sector dollar market welcomed one issuer's first $5bn sized deal this week. It was not even the only borrower to sell in size but with SSAs well-funded, there are few expectations of more large trades. -
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Borrowers in the public sector debt market are still enjoying the afterglow of Emmanuel Macron’s victory in the French election but, with Ascension Day sidelining much of Europe and a UK bank holiday Monday, the pace is expected to slacken.
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KfW launched a three year global on Tuesday, raising $5bn, while Japan Bank for International Cooperation picked banks for a four tranche dollar trade.
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Oesterreichische Kontrollbank (OeKB) returned to the sterling market on Tuesday, raising £350m with a five year deal.
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KfW will be the first public sector borrower to test a dollar market where swap spreads have rebounded off the 2017 lows they hit in the middle of last week.
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KfW has raised the threshold of sustainability it requires as an investor, as part of a growing trend for bond buyers to focus on the impact of their investments.
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KfW has raised the threshold of sustainability it requires as an investor, the latest in a growing trend for bond buyers to focus on the impact of their investments.
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Emmanuel Macron’s election as French president last weekend was the catalyst for a flood of revved up euro deals this week, with issuers and investors aiming at the long end of the curve as the biggest known political risk in Europe this year passed with a market-friendly outcome. Craig McGlashan reports.
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