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◆ Germany taps 2056s for second time this year, taking €4bn ◆ Spread was fixed from the start, rare for the issuer ◆ ‘Very, very flat’ 2054-2056 roll was key to the decision
◆ Third suprnational dollar benchmark of the week ◆ Deal was priced after swap spread leaps by more than 1bp ◆ 'Pretty strong' execution regardless
◆ Nordic sovereign brings year's final euro deal ◆ Pricing strategy adjusted after secondary widening ◆ Land NRW attracts with pick-up over KfW
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Issuer prices record dollar deal while also working on series of Amazonia bonds; first issuance could come this year -
◆ Premium paid ◆ More market-makers required ◆ Buy-and-hold investors prevent scalability
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Social bonds have become an established part of the funding market for supranational, sovereign and agency borrowers, with a steady output of about €140bn a year from all kinds of issuer, since the exceptional surge during the pandemic.
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◆ Big order book comes after lull in 10 year issuance ◆ Investors chase scarcity and yield ◆ De-dollarisation could 'still be true'
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A strong year so far for the public sector as issuance jumps 11.5% year-on-year while new issue premiums compress
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◆ Dealer inventories hinted at demand ◆ IFC takes different approach from IBRD ◆ Deeper dollar swap spreads make issuers eye sterling
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