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KfW drew its largest ever benchmark book this week while visiting the seven year tenor, a part of the euro curve that has been red hot for issuers for several weeks and that SSA bankers still has plenty to offer borrowers next week. The European Financial Stability Facility (EFSF) is lining up a deal for next week, although bankers are suggesting it looks at the long end. -
KfW took home €5bn in the seven year part of the euro curve, which has been red hot for a few weeks, with bankers citing low second quarter supply as particularly supportive of conditions and suggesting there is plenty more interest for further trades in the tenor. The European Financial Stability Facility is lining up a deal for next week — although bankers are suggesting it looks at the long end.
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Two SSA borrowers printed euro benchmarks on Thursday, rounding out one of the strongest weeks of issuance in the currency of the year.
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Volkswagen’s real estate arm has been forced to change the terms of its Schuldschein, after investors failed to flock to the deal. A borrower issuing a second round of terms or price guidance is rare in the Schuldschein market, but this happened to Telefonica Deutschland in January.
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The Council of Europe Development Bank returned to the market for socially responsible investments on Tuesday, printing a seven year “social inclusion” bond.
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Helaba and VC Trade have launched a digital platform for Schuldschein issuance, in an ambitious attempt to cut costs for arrangers, issuers and investors alike, while making the market more transparent.
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Volkswagen’s real estate arm launched a debut green Schuldschein on Wednesday, the first of the year.
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The German State of North-Rhine Westphalia came to market this week with its fourth sustainability bond. The bond is the issuer’s largest ever, narrowly outstripping several €2bn bonds at €2.025bn.
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The State of North Rhine Westphalia broke its size record with a sustainability bond on Tuesday, printing €2.025bn and cutting 2bp from guidance to offer a skinny new issue premium.
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Wihuri Packaging on Monday became the third Finnish borrower to enter the Schuldschein market ever, and the second issuer from the Nordic countries to issue this year.
