German Sovereign
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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.
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German state-owned development bank Kreditanstalt fuer Wiederaufbau (KfW) made a rare public green outing in the offshore renminbi market this week, raising Rmb1.25bn ($192m) from a deal that saw strong participation from green and ESG investors.
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Greece and the Flemish Community are preparing to sell syndicated bonds at the long end of the euro curve following a strong reception for France with the sale of its second green OAT on Tuesday.
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NRW.Bank became the latest non-UK public sector borrower to hit the sterling market this week, taking advantage of the attractive funding cost in the currency versus euros and US dollars.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 8. The source for secondary trading levels is ICE Data Services.
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Italy took orders of over €80bn for its first green BTP on Wednesday to become the latest sovereign to enter the green bond market. Germany was also in market, raising €3bn with its first 15 year deal via auction.
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KfW rebooted the short end of the euro public sector bond market on Tuesday with a well subscribed trade which offered a modest new issue premium. The deal shared the euro SSA market with the State of Baden-Württemberg’s debut green bond.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 1. The source for secondary trading levels is ICE Data Services.
