KfW
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The treasury head for one of Europe’s largest capital markets borrowers, Germany’s KfW, said last week that primary markets syndicates ‘know less about the markets than 10 years ago’, leading to bankers being more conservative about where to price bond issues than in the past. -
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KfW and the World Bank brought well received socially responsible bonds to the market this week that set new landmarks for the public sector borrowers.
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Investors proved they were able to digest KfW's largest green bond yet on Tuesday. Deals in the billions of euros are set to become the norm for the Issuer as it looks to size its green trades closer to its conventional benchmarks.
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KfW picked banks on Tuesday to lead its largest ever green bond. The deal will come from its recently updated green framework, which includes funding for energy efficiency projects, in addition to the renewable energy sector in Germany.
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KfW aims to boost its issuance of green bonds after updating its programme to include funding for energy efficiency projects, in addition to the renewable energy sector in Germany.
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Sovcomflot, the Russian shipping company, has signed a 10 year loan facility with three international lenders. Russian syndicated loan volumes remain low, but Sovcomflot is widely regarded by bankers as one of the stronger and more established Russian borrowers.
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The arrangers of Reliance Industries’ debut Schuldschein have sent investors a statement saying that though the oversubscribed order books closed on Monday, they have extended the timetable for settlement to allow some investors “additional time to firm up their orders”.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the end of April.
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The sterling market came alive this week, with three issuers raising their heads above the parapet after a few slow weeks in the currency.
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KfW and SFIL printed $4.25bn of debt on Tuesday, with both deals looking as if they paid a few basis points over fair value. That marks a return to new issue premiums in the dollar market for sovereigns, supranationals and agencies.
