Rentenbank
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Issuer lures three times subscription despite sell-off and will issue two or three further benchmarks
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German issuer upsized the deal despite sell-off in rates
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A pair of German development banks also brought new issues on Tuesday
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German issuer returns to dollar long end after a three year hiatus
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The public sector’s rush to raise dollars is set to continue on Wednesday
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KBN, OeKB, Rentenbank and AFD to tap currency amid uncertainty in euros
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Issuers face a field of hazards, including opaque pricing and unreliable secondaries
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Issuer has one more benchmark transaction planned for 2023
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Labels and length as issuers offer duration to market where 'mis-steps' still possible
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Wave of deals comes after some borrowers had shunned dollars for months or years
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SSA trio keep dollar investors busy with two, five and 10 year bonds
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Resolution of US debt ceiling crisis spurs dollar bond issuance from public sector borrowers
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Second and third movers paid 'next to no premium' at own peril, while bankers praised issuers merely for getting over the line
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Bank of England wins big book for its annual dollar bond
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The pair braved volatility to squeeze through a narrow dollar issuance window
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German agency finds success in 10 years as more SSAs prepare euro trades
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Issuer hit screens with unfashionable maturity amid soaring US inflation but still achieved a solid trade
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Deals all land despite some reservations about maturities
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SSA issuers in the dollar market will attempt to break out of three year maturity comfort zone
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Issuers print well through mid-swaps but are limited to bonds with defensive maturities
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More expected as eye-popping Bund spread lets issuers push deep through mid-swaps
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Germany, Rentenbank and EIB mandate for deals despite Ukraine invasion shockwaves
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See the progress Europe's supranationals and agencies have made in their funding programmes as we start the third quarter.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of busiess on Monday, June 28. The source for secondary trading levels is ICE Data Services
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This week's funding scorecard looks at the progress Europe's supranationals and agencies have made in their funding programmes at the end of March.
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Rentenbank entered the deserted dollar bond market on Tuesday, printing $1.75bn of five year notes. The market has been quiet for public sector issuers in the past few weeks, thanks to a volatile Treasury market and an issuer base already well stocked with funding, but Rentenbank found investors receptive.
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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, January 18. The source for secondary trading levels is ICE Data Services.
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World Bank hired banks on Tuesday to lead a new 40 year euro sustainable development bond — the supranational’ s longest ever benchmark in the currency. The deal will be the latest example of public sector borrowers venturing longer in the euro market this year.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the start of the fourth quarter.
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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, September 28. The source for secondary trading levels is ICE Data Services
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Guarantor: Federal Republic of Germany
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Rentenbank made an impressive entry to the green benchmark bond market this week with its biggest ever order book in euros by overall size and number of accounts. Head of funding Leopold Olma, who has spent 20 years with the German development agency’s funding team, called it the “ultimate transaction”.
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Rentenbank impressed SSA bankers on Tuesday as rolled out its debut benchmark green bond. The deal is expected to pay no new issue premium at the final spread.
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Rentenbank is moving forward with its plans to issue a debut euro green benchmark bond following a series of investor meetings over the past few weeks.
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Rentenbank plans to issue its first green bond in the middle of September, after two weeks of meetings and calls with investors. Treasurer Stefan Goebel said he was not too concerned by the impending wave of supply from the European Commission.