Germany
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More dollar deals are expected next week following a searing few days for trades in the currency, but despite bumper books and deal sizes, some in the market feel there is still some price discovery work to do. Meanwhile, US president-elect Donald Trump made his presence felt on the issuance calendar. -
The enduring nature of sterling covered bonds was underscored again this week with deals issued by Lloyds Bank and BayernLB taking this year’s total in the UK currency to six.
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Ten year Pfandbrief €500m deals issued this week by NordLB and Bawag were narrowly oversubscribed even with the support of the Eurosystem.
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More public sector borrowers want to enter a red hot sterling market, including some that have barely visited the market in years.
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The market for medium term notes is expected to come to life over the next few weeks after a subdued start to 2017, with some bankers and issuers touting floating rate notes as the next big thing.
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BayernLB was set to issue its first sterling public sector Pfandbrief on Thursday with the latest order book update suggesting it had made good headway by paying a super attractive spread.
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Export Development Canada showed on Wednesday that despite some big deals this year in fives, there is still plenty of demand in the three year part of the dollar curve as it took the rare step of increasing a deal from its initial size target. The trade came as a trio of other dollar deals hit screens.
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BayernLB has mandated leads for a possible three year sterling floater or short five year fixed rate transaction.
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Public sector borrowers tore $10bn of funding from the dollar market on Tuesday, shaving several basis points from initial price thoughts in the process. Only one benchmark is on screens for Wednesday, but SSA bankers expect next week’s run-up to the inauguration of Donald Trump as US president on January 20 will be — in Trump terminology — “huge”.
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The treasury team at BASF, the German chemicals producer, kept up a high level of capital markets activity on Tuesday as it targeted a debut transaction in the Eurodollar market.
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The Nordic Investment Bank and Rentenbank brought sterling deals on Monday, adding to a busy start to the year for a market that has retained stability despite currency fluctuations around the latest speculation on Brexit.
