KfW
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The two borrowers that closed out the first quarter with benchmarks have now been examined by the BondMarker voters. -
Ghana Cocoa Board (Cocobod) has sent off invitations to its annual financing for its cocoa harvest amid concerns it may struggle to repay its previous loan.
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Sterling seemed to be the only game in town this week. Two SSA issuers printed in the currency on Wednesday, taking advantage of a favourable basis swap.
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As negotiations over the future of Italy’s government begin in earnest, investors appear to be betting that political risk for the country has been overestimated.
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Public sector borrowers are having to take a more cautious approach to their dollar issuance, as wide swap spreads and a disconnect between secondaries and primary clearing levels require a touch more concession. But while all agree on the treatment, there are differing views on how long the affliction will last, writes Craig McGlashan.
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KfW was set to price a $4bn three year global at the tight end of guidance with a comfortably oversubscribed book on Tuesday. But bankers said the concession offered was a sign of a changing pricing dynamic between issuers and investors.
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The potential end of eurozone quantitative easing may be leading to sleepless nights for some, but top tier SSAs are welcoming the slow return to historically normal rates. KfW this week sold its first five year euro benchmark with a positive yield in nearly three years, welcoming back investors that had gone elsewhere in search of return — and auguring well for future euro issuance from the sector.
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KfW built a towering book in the five year part of the euro curve on Wednesday with a deal that SSA bankers away from the trade said probably attracted heavy French demand. The agency’s choice of printing just €4bn from a book of over €8bn should ensure a tightening of its curve, they added.
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A new study of green bond pricing has stopped short of saying that green bond issuers can generally expect to get tighter new issue premiums. But the report’s lead author did say: “Green bond buyers can’t expect to receive a new issue premium — that is itself quite a bold statement.”
