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◆ New issue premium estimated ◆ Partial pre-funding ◆ Baden-Wuerttemberg 'through fair value'
◆ Attractive pick-up to KfW and other peers ◆ Atypical tenor no trouble ◆ SSA appetite strong
Pan-European stock exchange shares what was behind its recent decision to launch a defence bond label, how it may help both issuers and investors, and what lies ahead
◆ 'Amazing,' says rival banker ◆ Lack of 10 year issuance helped ◆ Pipeline for next two weeks 'looking good'
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KfW, the European Investment Bank (EIB) and, in the medium-term note (MTN) market, a German region and a Finnish agency have kicked off the Norwegian krone market for SSAs. Bankers are hoping to extend krone’s impressive form from last year into 2020. -
Investors piled into the euro public sector bond market on Wednesday, allowing borrowers to achieve well subscribed order books and minimal new issue concessions for a range of maturities.
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A strong reception for a five year euro benchmark by KfW on Tuesday was enough to lure in a hesitant flock of public sector borrowers to the euro market as the pipeline stacks up for Wednesday’s business.
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The Federal State of Lower Saxony sold the first euro public sector benchmark of 2020 with a well received 10 year deal on Thursday. Meanwhile, the European Investment Bank is keeping to tradition of beginning its benchmark funding for the year in sterling.
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With the resumption of the ECB’s quantitative easing programme, any hopes of a normalisation of European monetary policy receded further into the distance. With “lower for longer” firmly established as the consensus call, SSA borrowers and investors will have to settle in and learn to love the world they inhabit
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The mighty dollar has lost its position as the default borrowing currency of the SSA market, and with a presidential election in 2020, that is unlikely to be reversed next year. However, that doesn’t mean that SSA borrowers can ignore it. Lewis McLellan reports
