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◆ ‘Very rare’ large book for a German sub-sovereign ◆ ‘New year, new levels’ in price discovery ◆ Tuesday’s focus on dollars, but ‘big’ euro mandates expected Wednesday
German issuer expected to seize 2026's first window for fourth year in a row
‘Exciting’ cross-market relative value opportunity on offer as issuers aspire to become regular euro visitors
Semi-government issuer intends to build curve after ‘landmark’ first trade in market that offers both duration and diversification
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Finnvera will on Wednesday enter a searing market for three year dollars, following a similar trade from Bank Nederlandse Gemeenten that rounded off the Dutch agency’s dollar benchmark funding for the year. -
The Spanish central government’s stand-off with the executive in Catalonia over an upcoming independence referendum is failing to worry Bono investors — but some bankers believe the market could soon be hit by a bout of volatility unless an agreement is reached. The Spanish situation was in marked contrast to the country’s western neighbour, as Portugal enjoyed a strong week after regaining investment grade status from S&P.
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Kommunalbanken will bring a dollar benchmark in a defensive tenor on Wednesday, which a banker on the deal said is the perfect product for investors amid rising geopolitical tensions. The trade also offers an attractive spread over US Treasuries, the banker added, despite a tightening in swap spreads — although other bankers said that tightening meant larger issuers should consider longer dated deals.
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FMS Wertmanagement has printed its third deal of the summer, scooping up €1bn of short dated euro paper with an opportunistic trade.
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Public sector bond supply this week is so far thin on the ground, despite conditions calming after fears of a conflict between the US and North Korea fell. The only supply on Monday came from a German issuer, despite some analysts pointing to a “mild risk-on tone” in eurozone debt markets.
