DZ Bank
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Sovereign, supranational and agency (SSA) issuers burst into the second quarter with a scorching week that saw plenty of big books and minimal or negative premiums. -
The European Investment Bank and Flemish Community brought sustainability-linked transactions on Thursday, with investors piling in despite a busy market elsewhere.
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The European Financial Stability Facility and Council of Europe Development Bank left little on the table with their euro bond issues on Wednesday. More supply is expected, as three more borrowers have picked banks for deals expected this week.
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Public sector borrowers were able to achieve zero or negative new issue premiums and close books early in the euro market on Tuesday as investors piled into haven assets amid a weaker outlook for global growth.
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The European Financial Stability Facility appointed banks on Tuesday for its first euro benchmark of the second quarter, which will be issued with a 16 year maturity – a part of the euro curve that has become increasingly attractive as bank treasuries head to the long end in search for bigger returns.
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A trio of public sector borrowers hit screens with mandates on Monday ahead of what SSA bankers say will be a busy week of supply following a glut of benchmark issuance towards the end of the first quarter.
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Continental launched a Schuldschein on Wednesday and, judging by the arranging banks, market participants believe the German tyres and car parts group has its eye on German co-operative and savings bank investors.
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Public sector borrowers are set to enjoy yet more enviable funding conditions in euros, with central banks on an even more dovish path than before. At least one benchmark is in the pipeline for next week, while this week a core eurozone issuer sold its largest ever deal.
