Rentenbank
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Two day executions expose dollar issuers to market volatility -
Better cost and less execution risk convince issuer to stay in euros, but at least one dollar benchmark to come this year
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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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Rolldown, swap spreads, repo levels among the reasons to buy
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Issuer completes €10bn programme but keeps eyes peeled for 'attractive opportunities'
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◆ Spread tightened by 4bp ◆ Pricing judged to be in line with euros ◆ A more modest book than previous record breaker
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◆ Land NRW and British Columbia eye euros ◆ Rentenbank going for dollars ◆ Too soon to pre-fund?
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Now 75% funded for this year, the agency is planning another benchmark for after the summer
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◆ 'Really good' spread to KfW ◆ More German issuance to come ◆ Two-step tightening but no attrition
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Risk of complacency flagged as issuers continue to fund into summer
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◆ Biggest book for Rentenbank in any currency, according to lead ◆ Agency raises $1.5bn ◆ Sets stage for more dollar issuance
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German agency has three more benchmarks scheduled, with at least one in dollars
