Germany
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The European Financial Stability Facility rebooted the euro public sector market on Monday with an intraday execution ahead of what SSA bankers expect to be a busy week for supply. Belgium and KfW are already on screens for benchmark trades in the 10 year part of the curve. -
US private placement agents are preparing bids for transactions with higher yield targets than much of last year. But as borrowers are forced to offer chunky new issue concessions to lure public bond investors into primary markets, US PP agents are confident that pricing in their market is still enticing for issuers.
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KfW has appointed a senior funding manager to its new issues team in Frankfurt, with responsibility for sterling and dollar deals.
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US private placement market participants are expecting a busier time than usual as volatility due to the UK's departure from the European Union pushes borrowers away from the sterling bond market.
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The covered bond market is likely to remain equally busy on Friday as it was on Thursday with a further three deals mandated. Bankers say next week could become even more frenetic.
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Schuldschein players are not expecting much deal flow this week but most are optimistic that the market is in a better shape than others. A busier first quarter is expected as a consequence.
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LBBW decided against competing for investors' attention with Commerzbank on Wednesday and has opted to give investors time before opening order books for its first covered bond of the year on Thursday.
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Commerzbank reopened the covered bond market with the first covered bond of the year and the first in more than a month. The generously priced two part transaction was slow to start, but in the context of a weak and volatile market backdrop, the size was impressive.
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Commerzbank and LBBW are looking to become one of the first issuers in the euro market in 2019, having both announced new mandates for covered bonds on Friday.
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Conditions have rarely been sweeter for European borrowers seeking to diversify their funding sources. Europe’s dominant private debt markets for investment grade issuers, the US private placement market and the Schuldschein, are thriving, and agents in both are on the hunt for new borrowers. Their search will better if, as expected, public bond markets have a tough 2019. Silas Brown reports.
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Germany has increased its funding target next year to the highest level since 2014 in order to partially refinance maturing debt from its winding-up agency, FMS Wertmanagement, for the first time, the sovereign announced on Tuesday.
