KfW
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IDB Invest hit screens for a three year dollar bond on Monday, as the pipeline for the currency grew for the final quarter. -
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The euro public sector market for 10 year deals encountered a steep sell-off in secondary and underperformance in primary this week, as investors take a cautious approach as the European Central Bank’s quantitative easing stimulus comes to a close at the end of the year.
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KfW was able to achieve a well oversubscribed book and tight pricing for its 10 year euro benchmark on Thursday, despite a steep sell-off in the issuer’s secondary curve.
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Public sector borrowers found the perfect window to issue dollar deals this week, following a sell-off across the US Treasury curve after the release of US non-farm payroll data that exceeded expectations last Friday.
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KfW is aiming to issue a fifth dollar benchmark this year, following the success of its first global dollar benchmark tap since 2013 earlier this week.
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The Inter-American Development Bank and KfW drew strong demand in the dollar SSA market on Tuesday, with the former issuing just the fourth 10 year dollar benchmark from an SSA of the year.
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The first busy week for benchmarks after the summer break returned a slew of solid scores for borrowers, with Finland’s 10 year euro deal the pick of the bunch.
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KfW took advantage of the stable market backdrop to issue a new €4bn seven year euro benchmark on Tuesday, but some bankers not on the mandate questioned the degree of interest in the trade.
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Finland and KfW received strong investor demand for the first sizeable deals in the euro public sector market following the summer.
