Germany in the news

  • L-Bank funding boss still backs auction format, despite pulled trade

    Despite an unsuccessful experience in selling a trade through an auction last month, L-Bank’s international funding officer, Sven Lautenschlaeger, has not been put off by the format. In fact, he believes it is the best process for a selling a bond as it gives investors the power to set the price.

    • 09.00 AM
  • Land NRW’s funding needs to reach up to €40bn for 2020

    The State of North Rhine-Westphalia (Land NRW)’s borrowing programme for the year is on the up and could reach an all-time high in response to the region’s fiscal package to counter the impact of the coronavirus pandemic.

    • 03 Apr 2020
  • Covid-19: SSA response bonds

    SSAs are mobilising their resources to support the fight against Covid-19. The below table details the bonds issued by them in response to the coronavirus pandemic.

    • 03 Apr 2020
  • KfW EUR5bn 0% Jun 23

    • 02 Apr 2020
  • Gaggle of SSAs favour themed bonds

    Thursday’s market was heaving with SSAs printing euro deals, many of them opting for themed deals, some of which are specifically addressing the coronavirus outbreak, with bankers suggesting that these are enjoying the hottest demand.

    • 02 Apr 2020
  • CPPIB and L-Bank prove strength in two year dollars

    CPPIB Capital and L-Bank found strong demand for two year dollar deals on Thursday as central banks seek haven assets with chunky spreads to US Treasuries. For L-Bank, it also brought a sense of redemption after it had to pull a deal two weeks ago in the same currency and maturity following a lack of demand.

    • 02 Apr 2020
  • KfW shows euro SSA NIPs ‘levelling out’ as investors seek havens

    KfW made an impressive statement by taking out size with a small new issue premium for a three year euro deal on Wednesday. Bankers say the deal is a sign of concessions reaching a floor following the huge premiums offered since the return of SSAs to the primary market.

    • 01 Apr 2020
  • L-Bank returns for unfinished business as short end dollars heat up

    L-Bank mandated banks on Wednesday for a second attempt at a two year dollar benchmark after it had to pull a deal in the same currency and maturity two weeks ago following a lack of demand. This time, it has opted for a more conventional approach of a traditional syndication and will follow a string of well received trades in the short end of the dollar curve.

    • 01 Apr 2020
  • SSA secondary pricing update: Euro deals outperform dollars

    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, March 30. The source for secondary trading levels is ICE Data Services.

    • 31 Mar 2020
  • Land NRW EUR2bn 0.2% Mar 27

    • 26 Mar 2020
  • KfW EUR4bn 0.01% Mar 25

    • 26 Mar 2020
  • SSAs pile into bond market to fight Covid-19

    Public sector borrowers returned en masse to the primary bond market this week, with many selling new issues with an explicit focus on providing emergency financing in response to the coronavirus outbreak.

    • 26 Mar 2020
  • KfW gets it done at five years to establish euro curve for market

    European issuers have got their wish thanks to deals from European Investment Bank at three years and a five year from KfW on Wednesday.

    • 25 Mar 2020
  • Investors demand crazy rich NIPs as SSA market reopens

    The primary public sector bond market came back to life on Tuesday as a pair of sovereigns and the European Investment Bank sold deals alongside German states. But it was far from a case of picking up where they left off as borrowers were made to pay new issue premiums of up to 20bp versus the secondary market levels on screens.

    • 24 Mar 2020
  • SSA secondary pricing update: Land NRW bucks trend and performs

    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, March 23. The source for secondary trading levels is ICE Data Services.

    • 24 Mar 2020

European Sovereign Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13.99 19 12.04%
2 HSBC 8.85 11 7.62%
3 BofA Securities 8.25 31 7.10%
4 BNP Paribas 8.19 12 7.05%
5 Credit Agricole CIB 7.86 7 6.76%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Citi 15.31 29 11.91%
2 JPMorgan 12.68 24 9.87%
3 Goldman Sachs 10.13 19 7.88%
4 BofA Securities 9.53 26 7.42%
5 TD Securities Inc 8.39 18 6.53%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 25.60 45 9.95%
2 HSBC 23.02 54 8.95%
3 UniCredit 19.53 41 7.59%
4 BofA Securities 17.62 52 6.85%
5 BNP Paribas 16.38 31 6.36%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 42.17 123 8.45%
2 HSBC 35.18 101 7.05%
3 Citi 30.80 70 6.18%
4 BofA Securities 29.50 95 5.91%
5 Barclays 26.81 71 5.38%