Germany
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BASF launched an innovative $600m bond with warrants on Thursday that may go some way to solving some of the disadvantages of the equity-neutral structure that has become popular with investment grade CB issuers. -
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US President Donald Trump’s first speech to Congress, a remarkable switch in Federal Reserve rate expectations and swap spreads falling from their early week highs all failed to derail a stellar week for public sector dollar issuance. More trades are expected to come next week, before the market quiets ahead of the Fed’s next rate decision and a Dutch general election where the far-right Party for Freedom (PVV) is expected to perform well.
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DG Hyp enjoyed solid demand for a long nine year Pfandbrief deal this week as, despite the measly new issue concession, it offered an unusually high pick-up against Bunds.
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Swedish Export Credit Corporation on Thursday added another cracking deal to a super strong week for dollar issuance, as FMS Wertmanagement lined up to take benchmark supply in the currency into Friday.
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NRW.Bank will be the next SSA borrower to tap the euro market, after two eurozone sovereigns raised a combined €11.4bn through auctions on Thursday, making the most of a week largely free from political volatility.
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After a month of much slower supply, increasingly desperate covered bond investors clamoured to buy a long nine year Hypothekenpfandbrief issued on Wednesday by DG Hyp. Though the bonds offered little new issue concession, interest was also boosted by the deal’s hefty spread over Bunds.
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Robust market conditions enabled the execution of one of the largest block trades of the year so far on Tuesday night.
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Robust market conditions enabled the execution of the largest block trade of the year so far on Tuesday night.
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Issuers crammed into the market on Tuesday with pharmaceutical firm Pfizer bringing the second multi-tranche Reverse Yankee this week, while Iberdrola ratcheted in pricing on a green bond — investors said they were enjoying the busy spell.
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KfW and the European Bank for Reconstruction and Development took full advantage of a strong environment to sell dollar benchmarks on Tuesday. Further dollar issuance is rumoured this week — with conditions so good that deals may come despite potential volatility from US president Donald Trump making his first speech to Congress during the New York evening on Tuesday night.
