KfW

The sovereigns, supranational and agency market poured into dollars on Monday with two issuers announcing price thoughts for deals and a third potentially due on screens after investor meetings.

Guarantor: Federal Republic of Germany

KFW and Bank Nederlandse Gemeenten (BNG) were able to come flat or just through the curve with their long-end trades in the euro public sector market this week.

Public sector borrowers are taking advantage of the European Central Bank’s accommodative stance on rates by issuing bonds at the long end of the euro curve.

Arrangers of Reliance Industries’ debut Schuldschein have sent investors a statement saying that demand “considerably exceeds the initial volume” target of €150m. The success of the transaction came as a surprise to some of the arrangers’ competitors, but is considered a good sign for the market.

The African Development Bank’s inaugural Norwegian krone bond, the first ever social bond in the Norwegian market, could pave the way for further social issuance in the sector.

KfW extended its syndicated euro curve to 2039 on Monday as it brought a new 20 year line that was priced flat to fair value.

The European Stability Mechanism is spearheading a plan to create a new digital platform for launching public sector bonds in euros. The system, which ESM wants to launch in 2020, is named the European Distribution of Debt Instruments (EDDI). It could end up replacing some of the functions of investment banks and clearing houses.

A reverse enquiry was the catalyst behind KfW’s decision to print its first Swedish krona note of the year on Wednesday — one of the largest krona deals issued by the German agency.

Mauritius Commercial Bank has raised a new dual tranche $800m loan after receiving commitments of over $1bn. The deal was welcomed by bankers as one of the few new money financings in the market.

The Federal State of Saxony-Anhalt issued its debut Norwegian krone bond on April 1. The treasury was pleased with a successful private placement that could open up a new funding market for Saxony-Anhalt.

The oldest private loan market in Germany has bagged the largest private company in India. Reliance Industries, the conglomerate headquartered in Mumbai and founded by Dhirubhai Ambani, has launched a Schuldschein — the first from the country, and what many market participants hope is a sign of things to come.