North-Rhine Westphalia
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Issuer has now completed dollar funding for the year, three euro deals planned for post-summer
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◆ More wiggle room than supras ◆ A book that kept building ◆ Why the issuer held back
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◆ Agency's inaugural EuGB reaches large size ◆ Issuer's own curve and that of Laender and KfW guide pricing ◆ Both EuGB and non-EuGB green bonds to come
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Erik Kolski at Land NRW's Ministry of Finance discusses its largest sustainable bond since 2020
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This week’s covered bond market was quiet compared to seniors and SSAs, bankers say
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◆ High portion of international investors ◆ New issue premium paid ◆ Spread to KfW tighter
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EFSF and Land NRW are expected to price new trades on Tuesday
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Inaugural European Green Bond Standard deal in the works as issuer remains committed to at least one green bond each year with or without new label
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Public sector issuance is expected to resume at pace this week
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◆ State development bank brings year’s first euro deal ◆ Long-end levels attract yield buyers ◆ ‘Encouraging’ signal for duration demand
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◆ Rentenbank last sold a 10 year in 2023 ◆ IBB's book gains momentum after spread set ◆ NRW.Bank returns to sterling after 2.5 years
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Andreas Becker, head of treasury and pension fund for Land NRW, discusses borrowing strategy