KfW
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Public sector borrowers are mainly keeping to the short end of the dollar curve this week, but at least one top tier issuer is understood to be considering a 10 year dollar benchmark in the next few weeks. -
September is fast approaching, bringing with it one of the most hotly anticipated European Central Bank (ECB) meetings ever, but the central bank will do its utmost to avoid causing drama, say investors.
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KfW raised €1bn with a tap of a September 2032 line on Monday, hitting screens early on Monday morning and taking advantage of a good window with a one day execution.
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Public sector issuers are taking advantage of strong summer conditions in the dollar market to bring green and arbitrage-style deals, with more issuance expected next week.
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Two European agencies are set to launch dollar transactions on Tuesday, defying any talk of a summer slowdown to take advantage of supportive conditions.
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The vote are in and the scores have been counted. The GC BondMarker voters have delivered their verdict on two benchmarks from the week commencing July 10: a €1bn 15 year from KfW and a three year dollar note from Municipality Finance.
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KfW printed a €1bn tap of a July 2022 line on Wednesday, sneaking in a deal ahead of the European Central Bank meeting on Thursday.
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The European Financial Stability Facility is set to enjoy enviable conditions when it comes to the euro market next week — during which the Greek sovereign could also make an appearance. Demand at the long end has been particularly strong due to a yield spike last week, which KfW and SCNF Réseau have since taken advantage of.
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The private placement market is proving its worth at the long end in euros and with dollar floaters, helping issuers make the most of excellent conditions.
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SNCF Réseau launched its first 30 year green bond on Tuesday, following the example set by European Investment Bank at the end of June. KfW was also out in euros with a long 15 year — and more borrowers might be tempted to bring euro deals at the long end, said bankers.
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Respite from a two week old rout in eurozone government bond yields allowed two public sector borrowers on Monday to venture out with mandates for long dated euro deals. But analysts warned that the sovereign bond sell-off could have more room left to run.
