Rentenbank
-
Issuer completes €10bn programme but keeps eyes peeled for 'attractive opportunities' -
◆ Spread tightened by 4bp ◆ Pricing judged to be in line with euros ◆ A more modest book than previous record breaker
-
◆ Land NRW and British Columbia eye euros ◆ Rentenbank going for dollars ◆ Too soon to pre-fund?
-
Now 75% funded for this year, the agency is planning another benchmark for after the summer
-
◆ 'Really good' spread to KfW ◆ More German issuance to come ◆ Two-step tightening but no attrition
-
Risk of complacency flagged as issuers continue to fund into summer
-
◆ Biggest book for Rentenbank in any currency, according to lead ◆ Agency raises $1.5bn ◆ Sets stage for more dollar issuance
-
German agency has three more benchmarks scheduled, with at least one in dollars
-
◆ KfW grows green line to record size ◆ Rentenbank went 'extraordinarily well' despite competition ◆ L-Bank brings fixed/floating combo in dollars
-
◆ German agency joins SSA sterling party ◆ Rare £1bn-plus book ◆ More sterling supply to come
-
Agency is now 65% funded with another deal planned for a couple of months’ time
-
Investors are cautious but the deal is “a good test" of the current environment
