German Sovereign

The European Union has issued its first ever Schuldschein, and may issue further such deals.

The European Financial Stability Facility has sent requests for proposals for a trade next week, as a pair of rare issuers on Wednesday placed deals flat to or through fair value in a euro market buoyed by Emmanuel Macron’s election as French president last weekend. Longer dated trades — of which the EFSF has sold several this year — also look to be back on the table for borrowers.

KfW has sold the largest ever new green bond issue from a supranational or European agency, printing flat to its curve with a green deal for the first time and drawing a remarkably high level of Asian investor interest for a euro trade. More SRI issuance is on the way, after Dutch agency FMO announced a sustainability bond roadshow.

Bpifrance Financement broke its size record on Tuesday, nipping back into capital markets ahead of several of its compatriots, according to a funding official at the issuer. The European Investment Bank (EIB) and NRW.Bank also made the most of the stable conditions, printing their own benchmarks.

KfW is set to bring its first green bond in euros in nearly a year, with the deal coming amid a flurry of conventional trades in the currency. KommuneKredit is also in the SRI pipeline, after running a roadshow to introduce its green bond framework.

Three public sector borrowers hit screens on Monday, mandating in a euro market buoyed by the defeat of National Front candidate Marine Le Pen in the final round of the French presidential election on Sunday.

Attempts by the German debt management office to prevent another collapse in the European repo market are not enough, according to market participants — though they may have benefited German taxpayers.

The public sector dollar market is set to put a series of obstacles behind it to resume full pace next week — but issuers may opt to instead take advantage of sumptuous conditions in euros.

FMS Wertmanagement nipped into a quiet dollar market to print a three year Reg S only syndication, the issuer’s first dollar deal at that point of the curve to come through mid-swaps this year.

A pair of European borrowers have ventured into the otherwise deserted dollar market, ahead of a Federal Reserve rates decision tonight.

Several German public sector issuers defended new issue fees, despite a worsening service from investment banks, in a panel discussion at Euromoney’s Germany Conference in Berlin on Wednesday.

Last week's sole benchmark, a KfW outing in five year euros, impressed the GC BondMarker voters, who awarded it high grades in all categories. But how did it compare with KfW's other offerings this year?