German Sovereign

Issuers lined up to print in euros on Tuesday as a vital European Central Bank meeting loomed later in the week — but bankers were divided as to how much the flurry of deals was down to concerns over the central bank meeting.

Core eurozone issuers are set to pepper the euro curve over the next two days, before all attention turns to a much anticipated European Central Bank meeting on Thursday.

KfW

A record breaking start to the year for SSA issuance in sterling kept pace this week, as the bond market showed little sign of contagion from a drop in the currency to a seven year low versus the dollar — and indeed may even have received a boost from the devalued currency.

Any fears that investors might be nervous about sterling bonds in the run-up to the UK’s referendum on European Union membership eased with a pair of deals on Tuesday.

KfW

KfW hit screens with a five year dollar benchmark on Tuesday that is offering the issuer’s widest swap spread at the tenor in several years, which bankers away from the mandate attributed to negative swap spreads and market-wide volatility last week.

FMS-Wertmanagement increased the size of a dollar floating rate note on Tuesday after receiving strong demand, and more floaters could follow as bankers report growing interest in the format from central banks.

Supranational and agency borrowers showed their steel once again this week, printing a series of euro deals in the face of strong volatility.

Public sector bond issuance is expected to pick up next week after the end of the Chinese New Year holidays if the severe turbulence in the equities and credit market dies down.

KfW has made an internal promotion to replace its former head of new issues Petra Wehlert, who became head of capital markets at the German agency on February 1.

Rentenbank was the sole issuer to test the dollar market this week, printing a $750m floating rate note.