German Sovereign
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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 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.
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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.
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Supranational and agency borrowers showed their steel once again this week, printing a series of euro deals in the face of strong volatility.
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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.
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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.
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Rentenbank was the sole issuer to test the dollar market this week, printing a $750m floating rate note.
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The widening spreads between core and periphery eurozone government bonds may lead some issuers to hold back from bringing deals, say bankers.
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The extraordinary sight of a German public sector borrower pulling a syndication mid-week led not only led to criticism of the deal’s execution but also reawakened fears over banks' diminishing ability to take down and warehouse sovereign and sub-sovereign bonds. Craig McGlashan reports.
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The rare sight of a pulled German bond issue rocked the SSA market Wednesday afternoon. The issuer blamed market conditions but there were rumblings that this was a failure of process, not context.
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