KfW
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The dollar market is set to remain the “darling” — in the words of one syndicate banker — currency in the coming weeks, after a trio of strong deals on Wednesday. -
Investors are lining up to pour cash into the public sector primary market, with deals in dollars and euros gathering big books — even when offering negative yields.
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A trio of issuers on Tuesday mandated for dollar deals across the shorter end of the curve, as underlying US Treasury yields stayed slightly elevated after last Friday’s meeting of central bankers in Jackson Hole.
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The European Investment Bank returned to capital markets with a splash on Tuesday, indicating that, what passed for 2016’s summer break is coming to an end.
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KfW tapped a A$2.1bn 4% January 2019 bond on Wednesday for A$200m ($154.4m), as KommuneKredit reopened a A$215m 2.9% November 2026 for A$25m.
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KfW was able to price through its curve as it reopened an Australian dollar bond on Wednesday evening Australian time.
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European Central Bank president Mario Draghi has in effect told market participants to come back after summer if they want to see any further monetary stimulus — but belief that such stimulus is on the way helped a trio of euro deals this week.
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Hospitality business Genting Hong Kong, which operates cruise liners, has signed a $500m borrowing to refinance debt taken for funding six vessels.
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Forget Christmas; it could be all over by Labour Day in the public sector bond market. An open issuance window so vast and glorious it could grace the Vatican, a menacing looking autumn, and minimal borrowing left to do mean issuers may complete funding programmes over the summer rather than rely on September and beyond. Lewis McLellan reports.
