German Sovereign
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KfW this week added its name to a run of offshore renminbi issuers over the last few weeks, with investors appearing to be keen for paper that can offer a yield of over 3%. -
KfW has printed a large MTN in Norwegian kroner, as bankers reported an uptick in international investors betting on a rise in the currency.
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FMS Wertmanagement’s Jens Remmers is taking on a new position within the German agency’s group, becoming treasurer of Depfa Bank.
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After another week of a super solid dollar market, public sector bankers are starting to refer to the currency as “darling” — and all the signs suggest that the relationship is set for an extended honeymoon.
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The dollar market is set to remain the “darling” — in the words of one syndicate banker — currency in the coming weeks, after a trio of strong deals on Wednesday.
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A trio of issuers on Tuesday mandated for dollar deals across the shorter end of the curve, as underlying US Treasury yields stayed slightly elevated after last Friday’s meeting of central bankers in Jackson Hole.
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The State of North Rhine-Westphalia sold on Thursday the longest dated benchmark ever from a German state, in a move which may encourage other Laender to follow suit.
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Bank Nederlandse Gemeenten has tapped a June 2024 line, managing to print €400m despite offering a negative yield. Land NRW will sidestep the negative yield problem on Thursday by moving out the curve.
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A seemingly unstoppable flow of dollar issuance from public sector borrowers looks set to spill into next week, after a slightly undersubscribed deal early this week failed to dent sentiment for other trades.
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The euro market is braced for a difficult close to the year. Given the turbulent conditions expected, green bonds may come into their own.
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