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Sovereigns

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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
SSA
Summer is 'slowly but surely' ending with large issuers putting demand to test
SSA
'Everyone is ready for summer to be over' as SSA wave builds for Monday
SSA
Analysts discuss the scope of tightening in Bund swap spreads and the impact on SSA spreads
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  • The Kingdom of Denmark took advantage of buoyant market conditions this week to price a $3.5bn three year Eurodollar bond, the borrower’s largest foreign currency transaction and the largest sovereign dollar bond since the Federal Republic of Germany’s $5bn five year transaction in May 2005.
  • Supranational and agency issuers could be jostling for position in the euro market next week, with benchmarks for the World Bank and possibly Instituto de Crédito Oficial and the European Investment Bank expected in 10 years, and Société de Financement de l’Economie Française and KfW in three years.
  • The International Finance Facility for Immunisation (IFFIm) this week issued a £250m three year fixed rate bond, driven by demand from ethical investors and other real money buyers in the UK, Europe and Asia.
  • SSA
    Rating: Aaa/AAA/AAA
  • SSA
    Rating: AAA/AAA