German Sovereign
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The rise in US Treasury yields has begun to sour. While at first it was hailed as an indication that investors were anticipating rapid economic recovery and stimulus-borne inflation, it seems now to have outstripped inflation expectations. The sell-off shows little sign of slowing, and if the volatility does not abate, primary markets could begin to suffer. -
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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.
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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.
