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L-Bank

  • Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, April 26. The source for secondary trading levels is ICE Data Services.
  • SSA
    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, April 6. The source for secondary trading levels is ICE Data Services.
  • Despite an unsuccessful experience in selling a trade through an auction in March, L-Bank’s international funding officer, Sven Lautenschlaeger, has not been put off by the format. He believes it is the best way to sell a bond as it gives investors the power to set the price.
  • Few MTN issuers have so far issued in the Libor-replacing euro short term rate (€STR) format, with deals limited so far to supranationals, agencies and, this week, a sub-sovereign. Some bankers blame the 2017 EU Prospectus Directive for tightening up the rules on adding new indices to programmes, leaving non-exempt issuers on the sidelines.
  • KfW returned to Polish zloty issuance last Friday after a 13 year absence from the market, as it looks to tap new sources of capital.
  • While it is no surprise that a public sector borrower has brought the first floating rate note linked to the euro short term rate (€STR), it was a surprise that a small German agency would bring the inaugural transaction, especially as it is some weeks before the European Central Bank (ECB) is due to begin publishing the recommended new risk-free rate.
  • L-Bank is preparing to issue a floating rate note linked to €STR, the recommended new risk-free rate in euros which the European Central Bank will begin publishing on October 2.
  • As core markets in the northern hemisphere begin to cool, SSA issuers are looking towards an Australian dollar sector unaffected by the summer close.
  • Guarantor: Federal State of Baden-Württemberg
  • L-Bank issued its biggest single bond in dollars this week while the Inter-American Development Bank (IADB) printed its first ever dual tranche trade in the currency. But some market participants warned that the good times at the short end of the dollar curve might be coming to an end.
  • SSA names found the going varied in dollars on Tuesday, with the Inter-American Development Bank only just covering the minimum size of its tightly priced short end trade while Land NRW and L-Bank saw chunkier demand.
  • SSA
    A trio of issuers burst into the sovereign, supranational and agency dollar market on Monday, as syndicate officials say they have been pleasantly surprised by how quickly the sector bounced back after a tricky period.
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