KfW
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The dollar SSA bond market, unfettered by geopolitical volatility, enjoyed an excellent week, although it is still lagging behind the euro market in terms of overall supply. -
KfW and Canada both launched dollar benchmarks on Wednesday, bringing a pair of highly subscribed and tight deals. Following their success, two Asian SSA issuers prepare to join the busy dollar market.
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Germany’s Deutsche Glasfaser, a fibre cable company, has almost tripled its bank credit facility up to €1.8bn. But the country’s development bank, KfW, warned that lethargic lending growth will continue in Europe’s biggest economy.
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KfW picked banks on Monday to lead the dollar market's first three year SSA deal of the year, while infrequent issuer Canada is looking to ride the recent wave of five year dollar supply after appointing banks to lead a new benchmark deal.
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The sterling bond market, usually buoyant enough at the start of a year, got a Brexit boost this week, allowing public sector borrowers and financial institutions to take full advantage. Investors piled into deals following greater clarity on the UK’s looming exit from the EU but before possible volatility around the January 31 departure date. Burhan Khadbai and David Freitas report.
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KfW, the European Investment Bank (EIB) and, in the medium-term note (MTN) market, a German region and a Finnish agency have kicked off the Norwegian krone market for SSAs. Bankers are hoping to extend krone’s impressive form from last year into 2020.
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A strong reception for a five year euro benchmark by KfW on Tuesday was enough to lure in a hesitant flock of public sector borrowers to the euro market as the pipeline stacks up for Wednesday’s business.
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The pipeline is starting to fill in the public sector bond market with the European Investment Bank and Kommunalbanken set to bring dollar deals and KfW preparing its first euro benchmark of the year. More deals — including the first sovereign syndication of the year— are set to follow this week.
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KfW broke new ground in the sterling bond market on Monday by bringing its largest ever benchmark in the currency. Kommunalbanken is looking to latch on to the red hot market too after picking banks to lead a new December 2024 trade.
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The European Investment Bank and the Inter-American Development Bank amassed strong demand from investors to kick off their funding programmes for the year on Friday, with the former receiving the biggest ever order book in the sterling supranational and agency bond market, according to the leads.
