German Sovereign
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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. -
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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KfW and the European Investment Bank nipped in with one-day executions on Thursday, raising €1bn apiece in what has been a turbulent week.
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Sagess opted to sit out another turbulent day on Tuesday despite having a deal mandate out, but conditions were not sufficiently bad to dent a dual tranche deal from a supranational nor stop a pair of more regular agencies mandating.
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NRW.Bank printed a trio of €500m notes this week, equalling its highest ever weekly volume for private placements, according to Dealogic.
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German Laender yields are expected to fall in the wake of the European Central Bank's announcement that sub-sovereign issuers are to be included in its asset purchase programme.
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The European Financial Stability Facility and Nederlandse Waterschapsbank on Tuesday brought euro benchmarks in five and seven year maturities. Now much more at those tenors is expected.
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German Länder yields are expected to fall in the wake of the European Central Bank's announcement that sub-sovereign issuers are to be included in its asset purchase programme.
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After placing big sterling and dollar deals in week one, FMS Wertmanagement (FMS-W) will hit euros for its next bond.
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