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Nine banks chosen to run £1.5bn borrowing programme
◆ Too sensitive to push spread ◆ Value against peers estimated ◆ 'Tight, but no surprise'
◆ Island region prices €500m sustainable 10 year ◆ Spread tightened 5bp from guidance after book grew ◆ Banker away from deal sees no congestion drag
◆ Rhineland-Palatinate's ISB pays a slim premium to print ◆ No-grow deal fully subscribed despite thinned-out market ◆ Brandenburg's ILB lines up three year
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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
