German Sovereign
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FMS Wertmanagement became on Thursday the first public sector borrower since June to print a euro benchmark with a maturity below five years. -
Sweden on Thursday will bring the second three year dollar benchmark of the week, after a deal on Wednesday in the same tenor from KfW that was the biggest trade in the currency since July.
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Rentenbank tapped its new 10 year Kangaroo line for A$50m ($37.8m) on Tuesday. Attracting a mixture of Asian accounts, the agency's long dated paper pulled in a wide range of investors.
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KfW named on Tuesday the banks it has hired to lead a three year dollar trade, its first in the currency since August.
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Saxony-Anhalt increased the size of a new three year dollar deal on Wednesday after squeezing pricing tighter twice during two days of marketing.
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The London Stock Exchange this week moved to deflect a mounting list of European Commission concerns about its proposed merger with Deutsche Börse by saying it would consider selling off its LCH SA French clearing business.
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A hotly anticipated day of two central bank meetings failed to disrupt another good week for public sector borrowers in the dollar market, although the outcome of one of the meetings could have consequences for demand in the longer term, bankers warned.
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A handful of deals could hit the euro market for public sector borrowers next week, with the seven year part of the curve looking particularly attractive — the latest evidence for which was a KfW trade this week.
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Nordic Investment Bank brought the tightest dollar benchmark from a public sector borrower in over a year on Tuesday, while the State of North Rhine-Westphalia was also able to grind in pricing with a dollar deal of its own.
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KfW brought a seven year euro benchmark on Tuesday that equalled for size a similar trade from fellow jumbo issuer European Investment Bank two weeks ago — but topped it for orders and spread.
