KfW
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
