KfW
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KfW launched a £300m tap of a December 2019 line on Wednesday, pulling in over £350m of orders in spite of sharp swings in the strength of the currency. -
Public sector borrowers will take a pause from primary this week as they dodge possible volatility during a week riddled with political and economic risk events in three major currencies.
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This week's funding scorecard looks at the progress European supranationals and agencies have made during the first two months of the year.
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Shipping loans are already a problem asset class for many banks, but lenders are risking further problems by failing to do proper due diligence on how the shipping fleet will cope with decarbonisation, experts believe.
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US President Donald Trump’s first speech to Congress, a remarkable switch in Federal Reserve rate expectations and swap spreads falling from their early week highs all failed to derail a stellar week for public sector dollar issuance. More trades are expected to come next week, before the market quiets ahead of the Fed’s next rate decision and a Dutch general election where the far-right Party for Freedom (PVV) is expected to perform well.
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Market participants have grown used to US president Donald Trump’s ability to shift markets and induce volatility with only 140 characters, but Tuesday’s address to Congress appears to have been digested without spoiling the mood in SSAs.
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KfW and the European Bank for Reconstruction and Development took full advantage of a strong environment to sell dollar benchmarks on Tuesday. Further dollar issuance is rumoured this week — with conditions so good that deals may come despite potential volatility from US president Donald Trump making his first speech to Congress during the New York evening on Tuesday night.
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The public sector dollar market is showing a few signs of life this week as KfW and the European Bank for Reconstruction and Development picked banks for benchmarks, while the Bank of England launched its annual foray in the currency.
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The scores are in. See how market participants rated KfW's €5bn 10 year, Alberta's sterling debut and EAA's $1bn two year.
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After a tumultuous week of blowouts and recoveries in European government bond spreads, this week is looking more settled and healthy. However, the feverish pace of issuance has also abated.
