German Sovereign
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Two top tier SSA borrowers hit opposite ends of the curve on Wednesday. Asian Development Bank launched a trade at the 10 year tenor, braving a sharp sell-off in US Treasuries. KfW appeared at the short end of the curve where only a handful of borrowers have printed this year. -
The State of Baden-Württemberg will be holding investor calls this week to introduce its new green bond framework ahead of a debut deal in the format.
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The SSA sterling market had been deserted for two weeks thanks to a hostile cross-currency basis swap, but KfW returned on Thursday with a £500m tap.
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Hamburger Hochbahn, the city public transport operator, made its bond market debut on Wednesday, slotting into the market neatly with a €500m 10 year green bond and a €3bn order book.
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Hamburger Hochbahn, a government owned public transport operator in Hamburg, is set to make its bond market debut this week, launching itself as a regular bond issuer.
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The green premium between Germany’s five year green Bobl and its conventional twin has increased to 3bp for the first time since the green Bobl was priced last November.
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KfW became the latest in a series of top SSA names to launch an ESG transaction in Canadian dollars, tapping into a growing base of investors in the country.
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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, February 8. The source for secondary trading levels is ICE Data Services.
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KfW is set to make a return to the Canadian dollar bond market on Tuesday, marking its first appearance in Maples since February 2019, when it sold a C$1bn three year.
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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, February 1. The source for secondary trading levels is ICE Data Services.
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German politicians are planting their flags, preparing for the leadership tussle that is set to follow chancellor Angela Merkel's departure from the post later this year. Low rates have increased debt's popularity as the means to fund economic stimulus but Germany’s frugality is legendary and now a fight is brewing over relaxing its famous debt brake, writes Lewis McLellan.
