TD Securities
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Public sector borrowers found themselves in a tricky position as they returned to the primary euro market this week as they attempted to strike a balance between current secondary levels and where the market is heading with the arrival of the European Union’s giant borrowing programme from September.
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The European Investment Bank mandated banks on Thursday for the first Sonia floating rate note linked to the Bank of England’s new compounded Sonia index which was launched earlier this month. -
The primary euro public sector bond market continued its busy week on Thursday with KfW and KommuneKredit issuing new 10 and 20 year deals, respectively.
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After KfW mandated banks on Wednesday to join the 10 year euro flurry, the question on the minds of market participants is at what level the Germany agency will choose to start at with such a wide differential between relative and fair value.
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The European Investment Bank will re-open the euro public sector bond new issue market for the last funding period of the year. Further issuers are expected to appear this week, trying to get in before the European Union’s giant borrowing programme begins.
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A pair of German sub-sovereigns had the primary public sector bond market to themselves this week, with each taking €500m at tight levels to their secondary curves.
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The State of Brandenburg got over the line with a fully subscribed order book and a yield inside its curve on Tuesday, successfully avoiding the fate that its compatriot Berlin met at the tenor last week.
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The State of Brandenburg will keep the primary euro public sector bond market ticking on Tuesday after mandating banks for a new 20 year bond for which it hopes to achieve a better outcome than Berlin's deal at the tenor last week.
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The International Finance Corporation sold the first SSA Kangaroo deal in over three weeks on Thursday, returning to the market with a A$100m ($71.9m) 11 year bond.
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The World Bank impressed with its first benchmark transaction of its new fiscal year this week as it received solid demand despite pricing tightly to match the spread it paid for a five year deal before the outbreak of the coronavirus pandemic.
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TD Securities has appointed Matthew Jaconelli to head up its MTN and niche currency operations in Europe, taking over from Sameer Rehman, who will now focus on financial and corporate issuance.
