Germany
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The UK Debt Management Office showed no effects from the ‘noisy UK environment’ to comfortably conclude its 2018/19 syndicated programme on Tuesday. KfW will add to the sterling SSA supply this week after picking banks for its third benchmark in the currency this year. -
Deutsche Bank offered large new issue premiums in an effort to lure investors towards four tranches of non-preferred senior debt in euros and sterling on Tuesday. The decision to include a two year offering caught some market participants by surprise.
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Finland and Madrid hit screens on Monday to capitalise on the red hot appetite for euro sovereign supply in the 10 year part of the curve.
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NordLB said at the weekend that it had welcomed an offer of an equity injection from the German association of savings banks (DSGV) and the State of Lower Saxony, as it looks to restore its capital position to above its minimum requirements.
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After National Grid’s 16 year sterling corporate bond deal was more than six times oversubscribed on Tuesday and BMW found huge demand for a €3bn euro deal on Thursday, Volkswagen Financial Services tested the sterling market on Friday and found demand just as strong.
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Conditions for public sector dollar issuers held firm this week after an excellent start to the year, although deals were thinner on the ground thanks to a US Federal Open Market Committee meeting. Chinese New Year holidays next week will give the sector a much needed breather — after which three-years might move more into vogue than fives, said SSA bankers.
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Guarantor: Federal State of North Rhine-Westphalia
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Euro agencies favoured fives over the last seven days, as KfW smashed its order record and a pair of French agencies brought taps at sizes multiple times their target. With some SSA bankers saying conditions are the best they have ever seen, supply looks likely to keep coming.
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Several public sector borrowers tapped the socially responsible investment (SRI) market this week, with more deals expected in February, before what many analysts expect will be a record year for the asset class.
