German Sovereign
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L-Bank will join the flood of dollar trades hitting screens this week on Thursday, after mandating four banks for a five year Reg S bond. -
KfW announced plans on Monday to return to the dollar market with a new three year benchmark.
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KfW’s got a tap over the line with a tight price on Tuesday, but required a significant push from joint lead managers to do so.
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A pair of European agencies tapped euro lines today in a recovering but still cautious SSA market.
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After reopening the post-Brexit dollar market with a $150m tap on June 23, Rentenbank is coming back for more, opening books for another tap to be priced on Tuesday.
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A pair of public sector borrowers on Monday joined the handful of issuers that have sold well subscribed taps since the UK voted on June 23 to leave the European Union. But there are growing hopes that the first new issue since Brexit could happen this week — in euros, at least.
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KfW found enough demand to print a A$400m ($299.2m) tap of its January 2019 Kangaroo bond late last week, highlighting a remarkable return to stability for markets after the previous week's Brexit vote.
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The SSA market got back to business swiftly, if somewhat cautiously, this week, with taps and private placements (PPs) across core currencies coming quickly after the UK’s vote to leave the European Union. Although none of the trades were especially ambitious, their success has set a positive tone for the weeks to come.
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Rentenbank sold a public trade in dollars on Thursday, the first such deal since the UK voted on June 23 to leave the European Union.
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The UK may have voted to leave the European Union but German’s biggest agency showed it still plans to visit the UK’s currency, as it sold the first sterling deal from an SSA since the UK’s referendum late last week.
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The first of three political risks to the stability of the capital markets faced passed without causing disruption this week, as a mechanism attributed with calming fears amid the eurozone sovereign debt crisis was declared legal.
