KfW
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KfW sold its second euro benchmark of the year on Tuesday, scoring €5bn at the difficult 10 year area of the curve in what a banker away from the trade called “a positive sign for the market”. -
KfW announced on Monday that it would sell a 10 year euro benchmark on Tuesday. But the breakneck pace of public sector issuance since the start of the year is expected to slacken this week.
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SSA bankers are gearing themselves up for another round of dollar supply next week after the currency’s record breaking January. Buoyant conditions even allowed one issuer to bring a bulky benchmark, despite this week’s public holidays in Asia.
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This week's funding scorecard looks at the progress European supranationals and agencies have made during the first three weeks of the year.
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KfW has invested more money in Frontclear, an organisation which offers guarantees to help clear emerging market and frontier market trades, boosting access to international interbank markets.
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The pipeline for euro issuance is filling up once again as the European Investment Bank looks to raise funds at 10 years, although a deal from KfW on Tuesday appeared to struggle to reach €1bn.
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More dollar deals are expected next week following a searing few days for trades in the currency, but despite bumper books and deal sizes, some in the market feel there is still some price discovery work to do. Meanwhile, US president-elect Donald Trump made his presence felt on the issuance calendar.
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The market for medium term notes is expected to come to life over the next few weeks after a subdued start to 2017, with some bankers and issuers touting floating rate notes as the next big thing.
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Public sector borrowers tore $10bn of funding from the dollar market on Tuesday, shaving several basis points from initial price thoughts in the process. Only one benchmark is on screens for Wednesday, but SSA bankers expect next week’s run-up to the inauguration of Donald Trump as US president on January 20 will be — in Trump terminology — “huge”.
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Tuesday’s dollar market is set to be packed to the rafters, with a quartet of issuers out with trades and most of the focus at the five year part of the curve.
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