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Portugal and KfW lead euro supply with five year as dollar market focuses on second AfDB hybrid
◆ Tightest 10 year Länder bond this year ◆ Big book leads to 4bp spread move ◆ Deal still three times covered, green element was key
◆ One deal was judged ‘relatively tight’... ◆ And the other ‘definitely cheap’... ◆ ... though fair value tough to spot
Issuance recovers from last week’s wobble but concerns linger after issuers like KfW widen
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Senior SSA bond market figures are already banking on the European Central Bank extending its purchase programme to include German regions, the response to a State of Hessen benchmark seemed to show on Thursday. Virginia Furness reports.
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Rumours that the European Central Bank will add German regions to its public sector purchase programme fuelled demand for a State of Hessen benchmark on Thursday, said bankers. -
A German state is on track to wrap up its funding for the year on Thursday, as an agency from the country is tipped to bring a benchmark next week.
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European Stability Mechanism printed a solid €1.5bn bond on Tuesday, falling just short of completing its funding target for the year.
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KfW and the City of Paris built healthy books for no-grow green bonds on Tuesday, as some bankers suggested the KfW deal showcased the lesser execution risk amid tricky conditions that green bonds offer over conventional deals.
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A supranational is set to add a new point on its curve this week, as a German region prepared to bring its third benchmark of the quarter.
