German Sovereign
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The SSA dollar bond market sprang into life this week with a slew of impressive deals. With swap spreads yawning wider at the short end and a fairly flat curve to five years, borrowers could soon be issuing sub-Libor deals in the belly of the curve. -
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KfW and CPPIB Capital achieved super tight pricings in the short end of the US dollar market on Thursday, with the former bringing the first deal with a negative spread to mid-swaps in the currency by a public sector borrower this year.
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KfW hit the market with an impressive green bond this week, raising a record €4bn of eight year paper and paying only 1bp of new issue concession to do so.
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Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years.
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The European Investment Bank and Dexia Credit Local were the only two public sector borrowers to sell deals in the primary market this week as issuance wound down ahead of the Easter break.
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Finland and Germany have provided an update on their second quarter funding plans, with the former looking to issue its second euro benchmark of the year.
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Dexia Credit Local was able to push the pricing of its new dollar benchmark on Tuesday thanks to pent-up demand for high quality paper in the currency.
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Dexia Credit Local was the sole public sector borrower to announce a new deal in the primary market on Monday as it mandated banks for a five year dollar trade.
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This week's funding scorecard looks at the progress Europe's supranationals and agencies have made in their funding programmes at the end of March.
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Rentenbank entered the deserted dollar bond market on Tuesday, printing $1.75bn of five year notes. The market has been quiet for public sector issuers in the past few weeks, thanks to a volatile Treasury market and an issuer base already well stocked with funding, but Rentenbank found investors receptive.
