DZ Bank
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KfW was able to achieve a well oversubscribed book and tight pricing for its 10 year euro benchmark on Thursday, despite a steep sell-off in the issuer’s secondary curve. -
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Established SRI bond issuers are bringing deals to market over the coming weeks, including a new format from a seasoned borrower.
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The merger between DG Hyp and WL Bank has become legally effective and the rebranded entity, DZ Hyp, is now the largest German Pfandbrief issuer.
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The third week of July finally saw the summer lull kick in, with SSA issuance volumes at less than half of what was sold last week. But Bank Nederlandse Gemeenten still managed to snatch up a successful tap, and SSA bankers and issuers reckoned the market still bodes well for new issues.
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Bank Nederlandse Gemeenten on Tuesday achieved big size and a decent price with a €750m tap of a 10 year bond whose original issue had underwhelmed — leading one SSA banker to reference Hollywood by calling the reopening the “Shawshank Redemption”.
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Investor appetite remains strong for longer dated euro SSA bonds, encouraging the likes of EFSF and KfW to tap the long-end of the curve this week. But the question is: will the demand last, and for how long?
