German Sovereign
-
NRW.Bank will be the next SSA borrower to tap the euro market, after two eurozone sovereigns raised a combined €11.4bn through auctions on Thursday, making the most of a week largely free from political volatility. -
KfW and the European Bank for Reconstruction and Development took full advantage of a strong environment to sell dollar benchmarks on Tuesday. Further dollar issuance is rumoured this week — with conditions so good that deals may come despite potential volatility from US president Donald Trump making his first speech to Congress during the New York evening on Tuesday night.
-
The public sector dollar market is showing a few signs of life this week as KfW and the European Bank for Reconstruction and Development picked banks for benchmarks, while the Bank of England launched its annual foray in the currency.
-
The State of North Rhine Westphalia will sell its third sustainability bond on Tuesday, following a pan-European roadshow.
-
The scores are in. See how market participants rated KfW's €5bn 10 year, Alberta's sterling debut and EAA's $1bn two year.
-
-
-
Japan Bank for International Cooperation (JBIC) made a rare appearance in three year dollars this week, opening the way for its peers to follow. But there is little in the dollar pipe from Japanese or any other SSA issuers — all of which are well funded — after a week when US rate expectations were jolted by comments from Federal Reserve chair Janet Yellen.
-
After a tumultuous week of blowouts and recoveries in European government bond spreads, this week is looking more settled and healthy. However, the feverish pace of issuance has also abated.
-
KfW sold its second euro benchmark of the year on Tuesday, scoring €5bn at the difficult 10 year area of the curve in what a banker away from the trade called “a positive sign for the market”.
-
Erste Abwicklungsanstalt (EAA) was shy of full subscription with a short dated dollar benchmark on Tuesday, as issuance in the currency calmed after a rampant start to the year. Japan Bank for International Cooperation was also out with a dollar benchmark on Tuesday — a three year deal with fixed and floating rate tranches — but it had yet to price as GlobalCapital went to press.
-
KfW announced on Monday that it would sell a 10 year euro benchmark on Tuesday. But the breakneck pace of public sector issuance since the start of the year is expected to slacken this week.
